- cross-posted to:
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- cross-posted to:
- economy
- [email protected]
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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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.
You wouldn’t download a wallet.
Nacho keys… Nacho money