BYBIT SEES OVER $4 BILLION ‘BANK RUN' AFTER CRYPTO'S BIGGEST HACK

Summary from the TLDR Crypto newsletter

Bybit's $1.5 billion ETH hack by North Korea's Lazarus Group triggered an additional $4 billion in user withdrawals. The situation was complicated by Safe's decision to temporarily shut down its smart wallet functionality, which trapped $3 billion of Bybit's USDT reserves and forced the exchange to develop custom software to access the funds and process withdrawals. CEO Ben Zhou revealed the exchange has engaged with authorities and blockchain analysis firms while exploring various recovery options.