Hackers stole $1.5 billion in cryptocurrency, making this potentially the largest theft in history. The attack targeted Bybit, a leading exchange based in Dubai. The attackers gained access to an Ethereum wallet and moved all the funds to an unknown address.
Bybit, which has over 60 million users worldwide, confirmed the breach. However, the company assured users that no other wallets were impacted. Withdrawals continued without disruption. Despite the massive loss, Bybit emphasized that it could cover the theft, as the company remains solvent.
How the Attack Unfolded
The attacker accessed a single Ethereum wallet and transferred the funds to an unidentified address. Following the hack, Bybit received over 350,000 withdrawal requests, with many users rushing to secure their funds.
CEO Ben Zhou reassured users in a public statement: “Bybit is solvent even if we do not recover this hack’s loss. All clients’ assets are backed 1-to-1, and we can cover the loss.” He also confirmed that the platform processed all withdrawal requests promptly.
A Record-Breaking Theft
This hack is now the largest cryptocurrency theft on record. Previously, the Ronin Network suffered a $620 million breach in 2022. Now, with $1.5 billion stolen in this attack, the crypto community is in shock. Many users are now questioning the security of digital currency exchanges.
Investigation Underway
Bybit’s security team is working with forensic experts to investigate the breach. The company has also reported the incident to the relevant authorities. Despite the significant loss, Bybit reassured users that their funds remain safe and that the platform continues to operate without disruption.
Bybit is committed to securing its platform and is taking extra measures to prevent future breaches.
