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. Updated Feb 22, 2025, 8:28 p.m. UTCPublished Feb 22, 2025, 7:56 p.m. UTCMajor cryptocurrency exchange Bybit has seen total outflows of over $5.5 billion after it suffered a near $1.5 billion hack that saw hackers, believed to be from North Korea’s Lazarus Group, drain its ether cold wallet.The total assets tracked on wallets associated with the exchange...
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