Bybit crypto exchange, which refused to list Pi Network, sees $5.5B in withdrawals after $1.5B hack
DeFiLlama, a site which aggregates digital assets on various exchanges, reports that total assets observed in wallets associated with Bybit dropped from $16.9 billion to $11.2 billion on Feb. 23 morning. This follows an attack by hackers, presumed to be hacker group Lazarus, which wiped the exchange’s Ethereum (ETH) cold wallet.
In response to the hack, in an X Spaces live stream on Feb. 22, Bybit CEO Ben Zhou said he called for “all hands on deck” to process withdrawals for clients and answer questions about the situation, according to Coindesk.
Zhou revealed that hackers stole around 70 percent of clients’ ETH, forcing Bybit to secure a loan quickly to handle withdrawals. However, it was found that most withdrawals occurred in…
