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Bybit Sees over $4B 'Bank Run' After Crypto's Biggest Hack (www.coindesk.com)

submitted 6 hours ago* (last edited 6 hours ago) by cyrano@lemmy.dbzer0.com to c/economy@lemmy.world

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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.

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