Bybit Faces $4 Billion 'Bank Run' Amid Crypto's Largest 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, a major crypto exchange, is currently dealing with a massive 'bank run' situation following what is being described as the largest hack in the history of cryptocurrency. The platform has reportedly seen over $4 billion in withdrawals as panicked users rush to secure their assets.
Struggling to meet the demand for withdrawals, Bybit has taken steps to secure a loan to help cover the massive outflow of funds. Additionally, the exchange has been working on developing new software solutions to access and unfreeze the locked funds to ease the crisis.
Security experts are closely monitoring the situation as Bybit grapples with the aftermath of the hack and the subsequent rush of users looking to withdraw their assets from the platform.