Bybit Sees Over $4 Billion ‘Bank Run’ After Crypto’s Biggest Hack
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.
Major cryptocurrency exchange Bybit has seen total outflows of over $5.5 billion after it suffered a near $1.5 billion hack that saw hackers, believed to be from North Korea’s Lazarus Group, drain its ether cold wallet.
The total assets tracked on wallets associated with the exchange plunged from around $16.9 billion to $11.2 billion at the time of writing, according to data from DeFiLlama. The exchange is now looking to understand exactly what happened.
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#Vote-PIOnBinanceYesOrNo #VIRTUALWhale #BybitSecurityBreach #BybitSecurityBreach #VIRTUALWhale
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.
Major cryptocurrency exchange Bybit has seen total outflows of over $5.5 billion after it suffered a near $1.5 billion hack that saw hackers, believed to be from North Korea’s Lazarus Group, drain its ether cold wallet.
The total assets tracked on wallets associated with the exchange plunged from around $16.9 billion to $11.2 billion at the time of writing, according to data from DeFiLlama. The exchange is now looking to understand exactly what happened.
$BTC $ETH $XRP
#Vote-PIOnBinanceYesOrNo #VIRTUALWhale #BybitSecurityBreach #BybitSecurityBreach #VIRTUALWhale