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Bybit suffers more than $4 billion in 'bank run' after the largest cryptocurrency hack

Internet reports that after cryptocurrency exchange Bybit suffered a nearly US$1.5 billion hack, its Ethereum cold wallet was cleared by hackers (believed to be from North Korea's Lazarus Group), with a total outflow of more than US$5.5 billion. Bybit CEO Ben Zhou commented on the incident, highlighting the impact of loan coverage, user support and the temporary shutdown of Safe Wallet. The cause of the hacking is unclear, and Bybit is investigating whether the problem is on their laptop or Safe's system. Exchanges that face bank runs and need to process withdrawals are struggling to obtain loans and develop new software to access frozen funds.

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