The post Bybit Faces Withdrawal Challenges After $1.4 Billion Hack, CEO Says Liquidity Issues Being Addressed appeared on BitcoinEthereumNews.com.

Bybit, a leading centralized cryptocurrency exchange, faces significant challenges after suffering a massive hack that resulted in the loss of $1.4 billion worth of Ethereum. The aftermath of the attack has triggered a surge in withdrawal requests, with CEO Ben Zhou indicating that the platform is actively managing the overwhelming demand for liquidity. In a recent livestream, Zhou noted that Bybit’s stolen funds represent about 5% of its total assets under management, demonstrating the exchange’s commitment to customer security and trust. Bybit struggles with withdrawal requests after a $1.4 billion hack, but CEO Ben Zhou assures customers of the platform’s liquidity management plans. Bybit Faces Aftermath of $1.4 Billion Hack: Withdrawal Surge and Strategic Responses In a startling incident on Friday, Bybit experienced a severe security breach that led to the theft of over $1.4 billion in digital assets. The hack primarily targeted Ethereum and related tokens, raising immediate concerns among users regarding the safety of their funds. CEO Ben Zhou addressed these concerns during a livestream, revealing that the exchange has witnessed a “massive” influx of withdrawal requests immediately following the disclosure of the breach. He reassured users that, despite thousands of pending transactions, Bybit is committed to maintaining its withdrawal services without interruptions. The Immediate Impact on Bybit’s Operations Data from CoinGecko indicates that the trading volume on Bybit increased dramatically, with over $8 billion in spot trading within 24 hours, reflecting a 46% spike due to the circumstances surrounding the hack. Investors seem to be reacting to the breach by withdrawing their funds, potentially perceiving it as a protective measure against further losses. Zhou emphasized that Bybit is currently working to optimize liquidity, transferring assets where needed, and expects to resolve the pending withdrawal requests within hours. Strategic Liquidity Management Following the Hack In light of the…

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Filed under: News - @ February 21, 2025 8:17 pm