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Bybit Sees over $4B '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.

In an X spaces session, Bybit’s CEO Ben Zhou revealed that shortly after the incident, he called for “all hands on deck” to serve their clients with processing withdrawals and responding to inquiries about what was going on. The exchange, Zhou noted, has reserves to cover these withdrawals, but the crisis deepened as, in response to the incident, Safe moved to temporarily shut down its smart wallet functionalities to “ensure absolute confidence in our platform’s security.” Notably, he revealed that pushing to "roll back" the Ethereum blockchain, which was suggested by some industry players on social media, including BitMEX co-founder Arthur Hayes, had been on the table for some time if the community agreed with it.

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