Bybit co-founder and CEO Ben Zhou announced that the cryptocurrency exchange is facing significant challenges in processing withdrawal requests following a $1.4 billion hack. Zhou mentioned that the firm experienced massive withdrawals in a short span, leading to thousands of pending requests. He reassured users that they are working to process these requests quickly and have no plans to suspend withdrawals. In the aftermath of the incident, trading volume increased by nearly 46%. Zhou revealed that Bybit is considering a bridge loan to address the stolen funds instead of purchasing assets from the market. He indicated that even if the funds are not recovered through law enforcement, Bybit could cover the loss, as the amount stolen is roughly one-twentieth of the total assets managed by the exchange.

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