It was a tough day in the market but that’s nothing compared to what crypto exchange Bybit faced today.
The company confirmed that a wallet it was holding was drained of the equivalent of $1.5 billion in ethereum. It may be the largest theft of any kind, ever, at least in nominal terms.
“Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss,” wrote CEO Ben Zhou on twitter.
In a livestream, he said they were getting a bridge loan and I worry there will be a run on the exchange.
“Even if we experience a bank run, it’s not an issue,” he said.
Ben Zhou, CEO of Bybit
Some online reports…
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