Bybit Sees over $4B 'Bank Run' After Crypto's Biggest Hack (www.coindesk.com)
from cyrano@lemmy.dbzer0.com to technology@lemmy.world on 23 Feb 18:08
https://lemmy.dbzer0.com/post/38504985

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.

#technology

threaded - newest

cyrano@lemmy.dbzer0.com on 23 Feb 18:10 next collapse

<img alt="" src="https://lemmy.dbzer0.com/pictrs/image/59c0eee7-1bee-4045-ac04-71eebc92538d.webp">

cheese_greater@lemmy.world on 23 Feb 20:42 collapse

Nacho keys… Nacho money

dhork@lemmy.world on 23 Feb 18:14 collapse

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.