Bybit Faces Withdrawal Surge After $1.4 Billion Ethereum Hack
- Bybit experienced a hack resulting in the loss of over $1.4 billion in Ethereum and related assets.
- The exchange is handling massive withdrawals, with thousands pending due to liquidity adjustments.
- Spot trading volume on Bybit surged by nearly 46% to over $8 billion in 24 hours post-hack.
- Bybit is seeking a bridge loan instead of buying Ethereum to cover the stolen funds.
- The hack targeted cold, multi-signature wallets; investigation ongoing with Safe’s security team.
Following a significant theft of over $1.4 billion in crypto assets, Bybit is managing increased withdrawal requests and exploring financial solutions to address the breach’s impact on its operations.
Source (2.6)https://decrypt.co/307243/bybit-massive-withdrawals-billion-ethereum-hack?rand=52368
