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Cryptocurrency exchange Bybit has maintained reserves exceeding its liabilities despite suffering a $1.4 billion hack and an overall $5.3 billion decline in total assets, according to DefiLlama data.

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Customers immediately rushed to withdraw their assets from Bybit, with the exchange processing over 350,000 withdrawal requests within 12 hours of the hack. "Bybit's 1:1 reserve guarantee ensured ...

While no customers will lose funds in the Bybit hack, the exchange has little hope of getting this $1.4 billion back. Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to ...

He noted that "all other cold wallets are secure" and withdrawals were working normally following the hack. Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago.

"Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss," the company's chief executive officer Ben Zhou said in a post on X.

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Bybit, one of the world’s largest cryptocurrency exchanges, experienced a hack Friday in which over $1.4 billion worth of crypto was stolen, according to blockchain-analytics firms. It’s the ...