Bybit Web3, the web3 division of popular cryptocurrency exchange, Bybit has announced plans to discontinue its NFT Marketplace, Inscription Marketplace, and IDO product pages. The web3 firm confirmed the development in a blog post on Tuesday. Bybit Web3 further added that the decision to discontinue the operation is part of its effort to streamline its services for a better experience.
In the announcement, Bybit Web3 revealed that the change would take effect on April 8, 2025, at 16:00 (UTC). The firm also advised users to take the necessary steps to manage their assets before the due date.
Bybit Web3 also advised users to visit the NFT marketplace or Inscription marketplace to enable them to check or trade their NFT assets. The web3 firm also advised IDO participants with airdropped tokens in Bybit Web3 Cloud Wallets to transfer their tokens to the firm’s Web3 seed phrase wallets or private key wallets.
Bybit Web3 parent company secures regulatory approval in UAE
Meanwhile, Bybit Web3 decision to streamline its offering comes weeks after Bybit secured an In-Principle Approval (IPA) from the Securities and Commodities Authority (SCA) in UAE. As revealed, Binbits reported that the approval permits the exchange to establish a virtual asset platform in the region. In the post, Bybit added that the In-Principle Approval also drew it a step closer to providing a safe, secure, stable, and compliant platform for crypto traders in the United Arab Emirates.
On February 21st, 2025, the exchange also witnessed the biggest hack in history. As revealed, the exchange lost over $1.5 billion after the hackers compromised its cold wallet, stole funds (primarily ether), and transferred it across several wallets.
Bybit CEO, Ben Zhou also added that the hackers used crypto mixers to launder the stolen funds from the exchange. According to him Wasibi mixers, Cryptomixer, Raligun and TornadoCash were used to launder the funds. Zhou added that the exchange has faced difficulty in decoding the mixers while calling for the development of bounty hunters that can track crypto mixers.
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