Crypto exchange Bybit has suffered a major hack, with $1.4 billion in Ether potentially stolen. The breach, linked to a phishing attack, raises concerns over security in the crypto industry.

Bybit, a crypto exchange with the largest user base from Russia, has temporarily suspended operations in India due to ongoing regulatory challenges. While promising to honor withdrawals, other services like trading and new accounts are restricted.

The Securities and Futures Commission added 11 products offered by the exchange to its suspicious investment products list and accused Bybit of conducting regulated activity without a license.

FTX is allegedly going to reboot, but former employees are already building a new exchange. An employee is suing, while the bankruptcy estate sues Bybit to recover funds.

Bybit is launching a Mastercard-powered debit card, allowing users to pay with their crypto assets.

Despite the difficulties that most of the exchanges are suffering now, some are still trying to expand. Bybit, a Singapore-based cryptocurrency exchange, has announced it will be expanding its operations to Argentina.