The 1.4 billion stolen from Bybit will not directly cause Bybit to collapse, what is terrifying is the run on retail investors. A run on a bank is bound to happen, no bank, no CEX can withstand a run on a bank. After gaining experience with FTX, old leeks will run as soon as possible, while new leeks who have faith in Bybit will follow. At the beginning of the FTX market, the market did not collapse directly, and there was no significant decline in FTT. When the run on the market reached a critical point, the market collapsed directly.