Bybit experienced a $1.5 billion hack and over $4 billion of “bank run,” leading to a total $5.5 billion outflow within the exchange.

Bybit CEO Ben Zhou addressed the incident, highlighting the need for loan coverage, user support, and the impact of a temporary shutdown of Safe wallet functionalities.

The cause of the hack remains unclear, with Bybit investigating whether it was a problem with their laptops or on Safe’s systems.