Part 2/7:
Withdrawals Complicated by Panic
As a response to the massive demand for withdrawals over the past few hours, Bybit reported around 4,000 pending withdrawal requests. The platform assured users that liquidity was being managed appropriately, indicating that normal processing was still ongoing. It remains a critical reminder for cryptocurrency investors: “not your keys, not your coins.” Users are encouraged to transfer their holdings to cold storage instead of keeping them on centralized exchanges.
Zhao attempted to calm the situation, claiming that even in the face of potential bank runs—an increasing occurrence—Bybit users would be protected as the exchange had sufficient tokens to meet withdrawal demands.