CandleFocus Bybit Seeing 'Massive Withdrawals' After $1.4 Billion Ethereum Theft: CEO
2025-02-21
Author: Content Editor
Crypto exchange Bybit is facing difficulty with withdrawals after a hack resulted in the theft of over $1.4 billion worth of Ethereum and related assets. The co-founder and CEO, Ben Zhou, confirmed that the exchange has experienced a significant increase in withdrawals but assured viewers that pending requests would be addressed within a few hours. Bybit is currently seeking a bridge loan to cover the stolen funds, rather than purchasing Ethereum from the market. Despite the theft amounting to approximately 1/20 of the exchange's total assets under management, Zhou believes they can cover the loss even if the funds cannot be recovered with the assistance of law enforcement.
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