Bybit Sees Over $4 Billion ‘Bank Run’ After Crypto’s Biggest Hack
www.coindesk.com
The exchange, facing a bank run and needing to process withdrawals, worked to secure a loan and developed new software to access frozen funds.

Bybit experienced a $1.5 billion hack and over $4 billion of “bank run,” leading to a total $5.5 billion outflow within the exchange.

Bybit CEO Ben Zhou addressed the incident, highlighting the need for loan coverage, user support, and the impact of a temporary shutdown of Safe wallet functionalities.

The cause of the hack remains unclear, with Bybit investigating whether it was a problem with their laptops or on Safe’s systems.

  • dhork@lemmy.worldEnglish
    341·
    15 hours ago

    Actually, this is good news, because they were able to fulfill all those redemptions. It means they were not doing shady things with all those deposits.