Bybit Sees Surprise $4B Inflows After Major Hack as Partner Support Floods In
- Bybit sees a $4B liquidity influx and processes 350,000+ withdrawal requests after a $1.5B hack.
- Bitget provides crucial support, transferring 40,000 ETH to Bybit.
- Forensic analysis suggests the North Korea-backed Lazarus Group may be behind the hack.
Bybit witnessed a huge $4 billion in inflows within just 12 hours after a hack that saw $1.5 billion in crypto assets stolen. The wave of funds included 63,168 ETH, $3.15 billion in USDT, $173 million in USDC, and $525 million in CUSD.
This major influx into Bybit happened during a historic surge in withdrawal requests. Market participants worried the exchange could be insolvent because of the $1.5 billion theft. In a tweet earlier today, Bybit CEO Ben Zhou said that over 350,000 withdrawal requests had been processed in just 10 hours.
Bybit Assures Liquidity, Gets Partner Support
Zhou reassured users that Bybit has enough liquidity to handle all withdrawal requests, with 99% already processed. Users were asked to remain patient as large withdrawals go through risk checks.
However, Bybit did not buy back Ethereum tokens during the withdrawal surge. Instead, it used other methods to find liquidity and ma…
The post Bybit Sees Surprise $4B Inflows After Major Hack as Partner Support Floods In appeared first on Coin Edition.
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Bybit Sees Surprise $4B Inflows After Major Hack as Partner Support Floods In
- Bybit sees a $4B liquidity influx and processes 350,000+ withdrawal requests after a $1.5B hack.
- Bitget provides crucial support, transferring 40,000 ETH to Bybit.
- Forensic analysis suggests the North Korea-backed Lazarus Group may be behind the hack.
Bybit witnessed a huge $4 billion in inflows within just 12 hours after a hack that saw $1.5 billion in crypto assets stolen. The wave of funds included 63,168 ETH, $3.15 billion in USDT, $173 million in USDC, and $525 million in CUSD.
This major influx into Bybit happened during a historic surge in withdrawal requests. Market participants worried the exchange could be insolvent because of the $1.5 billion theft. In a tweet earlier today, Bybit CEO Ben Zhou said that over 350,000 withdrawal requests had been processed in just 10 hours.
Bybit Assures Liquidity, Gets Partner Support
Zhou reassured users that Bybit has enough liquidity to handle all withdrawal requests, with 99% already processed. Users were asked to remain patient as large withdrawals go through risk checks.
However, Bybit did not buy back Ethereum tokens during the withdrawal surge. Instead, it used other methods to find liquidity and ma…
The post Bybit Sees Surprise $4B Inflows After Major Hack as Partner Support Floods In appeared first on Coin Edition.
Read More