Embattled crypto exchange Bybit experienced a sharp decline in its reserves, shedding over $6 billion in just two days.
This mass exodus of funds followed a $1.4 billion exploit on Feb. 21, triggering widespread panic among users.
Data from DeFiLlama reveals that Bybit processed $2.5 billion in withdrawals on Feb. 22 and another $3.26 billion on Feb. 23. The rapid outflows caused the exchange’s total assets to shrink from $16.9 billion to $10.8 billion as of press time.
Bybit’s Asset Reserve (Source: DeFillama)
Stablecoins and Bitcoin were the most withdrawn assets, with users pulling over $2.3 billion in USDT and more than $1.5 billion in BTC.
Bybit Token Outflows on Feb. 23. (Source: DeFillama)
Despite the rapid outflows, Bybit managed to process withdrawals without major disruptions. Crypto analyst Sani noted that while a significant portion of Bitcoin withdrawals appeared to be routine customer transactions, large sums were transferred to Binance and OTC platforms.
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