Following a exploit that saw more than$ 1.4 billion in Ethereum and related resources stolen early on Friday, consolidated cryptocurrency exchange Bybit is having trouble coping with payments.
In a live stream following the incident, Bybit co-founder and CEO Ben Zhou claimed the company has “experienced large transactions in the last two hrs.”
He continued, however, that the company is also working through thousands of pending withdrawals because it needs to move cash around. Within” a few hours,” Zhou promised to work through pending removal requests and that the company had no programs to dismiss them.
According to data from CoinGecko, Bybit has seen a nearly 46 % increase in area trading volume over the past 24 hours, or over$ 8 billion in the last moment. A significant amount increase has been noted in a chart following the attack’s disclosure.
Zhou explained that Bybit is requesting a bridge loan to repair the damage done after the money were taken, rather than to buy Ethereum from the market to make its customers full.
Recently, Zhou wrote on X that Bybit was” include the reduction” even if it cannot return the stolen money via the help of law enforcement. Zhou stated in the video that the stolen resources make up roughly 1/20 of the total assets that Bybit manages.
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