Cryptocurrency exchange Bybit's Ethereum cold wallet was emptied by hackers (believed to be from North Korea's Lazarus Group) after a nearly $1.50 billion hack, with a total outflow of more than $5.50 billion. Bybit CEO Ben Zhou commented on the incident, highlighting the impact of loan coverage, user support, and the temporary shutdown of Safe Wallet.
The cause of the hack is unclear, and Bybit is investigating whether the problem was on their laptops or on Safe's system. Exchanges, which face bank runs and need to process withdrawals, struggle to secure loans and develop new software to access frozen funds.
Bybit suffers more than $4 billion "bank run" after biggest cryptocurrency hack
2025-02-22 20:43:08
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