this post was submitted on 23 Feb 2025
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34
Bybit Sees over $4B 'Bank Run' After Crypto's Biggest Hack (www.coindesk.com)
submitted 3 hours ago* (last edited 3 hours ago) by cyrano@lemmy.dbzer0.com to c/technology@lemmy.world
3 comments fedilink hide all child comments
 

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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[–] dhork@lemmy.world 18 points 3 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.

[–] cyrano@lemmy.dbzer0.com 9 points 3 hours ago (1 children)

[–] cheese_greater@lemmy.world 3 points 1 hour ago* (last edited 1 hour ago)

Nacho keys......................................... Nacho money