cross-posted from: lemmy.dbzer0.com/post/38504931
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.world 1 month 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.