Bybit, a leading cryptocurrency exchange, has suffered a major security breach resulting in the loss of $1.5 billion in digital assets, marking it as the largest crypto theft to date. The Dubai-based company’s founder reassured users that their funds are “safe” and pledged to refund those impacted.
The theft targeted Bybit’s Ethereum coin digital wallet. Ethereum, known as the second-largest cryptocurrency by value after Bitcoin, was the main target of the heist.
Bybit’s founder, Ben Zhou, said that the company or its partners could cover the stolen funds, with Bybit holding $20 billion in assets. He explained that the hackers exploited security features and transferred the stolen funds to an unknown address.
Following the theft, the value of Ethereum dropped by approximately 4% on Friday, bringing its price to $2,641.41 per coin.
This incident surpasses the previous record for a crypto heist, which was a $620 million theft of Ethereum and USD Coin from the Ronin Network in 2022.
Bybit, established in 2018, has a notable history of early investments from figures like US President Donald Trump and former PayPal chief Peter Thiel.
The platform boasts over 60 million users globally and provides access to a variety of cryptocurrencies.
