Bybit, a Dubai-based cryptocurrency firm, has confirmed a staggering $1.5bn (£1.1bn) theft of digital currency in what could be the largest hack in crypto history. The breach targeted the company’s Ethereum coin wallet, and hackers exploited security vulnerabilities to transfer the funds to an unidentified address.
Bybit’s founder, Ben Zhou, reassured users that their funds were “safe,” and promised to refund those affected by the hack. He also mentioned that the theft could be covered by the company itself or with a loan from partners. The firm, which holds $20bn (£15bn) in assets, emphasized that all client assets are fully backed on a 1:1 basis.
Following the breach, the value of Ethereum dropped by around 4%, now valued at $2,641.41 (£2,090) per coin. If the theft is confirmed, it would surpass the previous record for the biggest crypto theft, a $620m (£490m) hack in 2022 from the Ronin Network.
Bybit, founded in 2018 and backed by early investors such as Donald Trump and Peter Thiel, boasts over 60 million users worldwide and provides access to a variety of cryptocurrencies. The company has reported the incident to authorities and is working swiftly to track down the hackers.
This massive theft highlights ongoing security concerns in the cryptocurrency space, which continues to face challenges regarding trust and stability. The market has been hoping for renewed confidence, particularly after high-profile endorsements from figures like Elon Musk and Donald Trump, who recently launched his own digital coin.
