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@ Layer3.news
2025-02-22 20:01:13
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BYBIT SEES OVER $4 BILLION ‘BANK RUN’ AFTER CRYPTO’S BIGGEST HACK
https://cdn.sanity.io/images/s3y3vcno/production/47c4661da4bd576211bb9e72d630911fd18bef7d-867x322.png?auto=format
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✍️ Bybit, a major cryptocurrency exchange, suffered a $1.5 billion hack, with hackers believed to be from North Korea's Lazarus Group, draining its ether cold wallet, resulting in a significant outflow of funds.
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👉 Bybit suffered a $1.5 billion hack, with hackers believed to be from North Korea's Lazarus Group
👉 Hackers drained the exchange's ether cold wallet, resulting in a significant outflow of funds
👉 Bybit's reserves were able to cover the withdrawals, but the crisis deepened as Safe temporarily shut down its smart wallet functionalities
👉 Bybit's team developed new software to move the stablecoins back to their wallet and cover the withdrawal surge
👉 The exchange is now determining what system to use to replace Safe
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#BenZhou #Vitalik #ArthurHayes #Singapore #technology
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