🚦Bybit Sees Over $4 Billion ‘Bank Run’ After Crypto’s Biggest 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.💥

👨‍💻What to know:

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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