Bybit is discontinuing several of its Web3 services, including wallets and its NFT platform, following a significant $1.4 billion hack. The exchange had already removed its NFT marketplace earlier in April and now plans to shut down its Cloud Wallet, Keyless Wallet, a multi-chain DEX Pro, and a cross-chain swap widget by May 31. On the same day, Bybit will also end its internal loyalty program, Web3 Points, along with its decentralized NFT marketplace and other services. This shift comes as part of Bybit's strategy to refocus on its core offerings and improve the quality of its products after the major hack in February. Despite the loss, Bybit asserted that it remains solvent and will cover the losses as client assets are one-to-one backed. The company is also exploring other avenues to recover from the hack, while denying any speculations regarding funding or asset sales. The announcement marks a strategic pivot as Bybit seeks to optimize its remaining Web3 products and services.

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