Bybit Could Go Bankrupt This Year

There is a worrying pattern that has appeared in previous cryptocurrency exchange collapses, from Mt. Gox to FTX.

One of the warning signs was that exchanges began restricting or suspending customer withdrawals.

At first, only a small number of users were affected, with the exchange claiming that there were suspicious issues with their accounts and that withdrawals had to be temporarily suspended.

Then came the familiar response:

“We are working to resolve the issue as quickly as possible. Please wait.”

But as time passed, users continued waiting without being able to withdraw their funds. Eventually, when the exchange collapsed, the underlying problems became clear.

If you use Bybit, I strongly recommend checking the reviews posted by users on Trustpilot and Reddit.

Some users claim that their withdrawals have been restricted for more than a year, while many others report waiting more than two months.

There is another issue that concerns me.

Posts about these withdrawal problems appear to be repeatedly deleted from the Bybit community.

I have personally experienced this as well. When users try to raise concerns or share information about withdrawal restrictions in the Bybit community, their posts can reportedly disappear or be removed.

If these problems are being resolved as Bybit claims, then why are users having difficulty openly discussing them?

I am also one of the users affected.

My withdrawals were restricted, and I have been waiting continuously. However, Bybit keeps giving me essentially the same response: that they are working on the issue and asking me to wait.

My Bybit case number is 27409501.

Despite waiting for a long time, my issue has still not been resolved.

And this is not only about my account.

Even if your Bybit account is currently working normally, there is no guarantee that you will not suddenly face withdrawal restrictions in the future.

I cannot predict whether Bybit will actually go bankrupt, but the continued reports of prolonged withdrawal restrictions, combined with concerns about posts being removed, are serious enough that users should pay attention.

If you currently use Bybit, please be extremely cautious and consider avoiding keeping large amounts of funds on the exchange.

Do your own research. Check recent user reports. Save evidence of any withdrawal problems you experience.

Don't assume that because you can withdraw today, you will always be able to withdraw tomorrow.