Historic hack: $1.5 billion worth of cryptocurrencies stolen from Bybit exchange

Dubai-based cryptocurrency exchange Bybit said hackers took control of its Ethereum wallet and transferred its entire balance to an undisclosed address, stealing as much as $1.5 billion in what could be the largest cryptocurrency heist in history.

Losses will likely be covered

Bybit, which has over 60 million users worldwide, says this cryptocurrency wallet theft is the only one of its kind. 

According to the company  ,  other wallets were not affected.

“Bybit is financially stable, even if the loss from this hack is not recovered, all customer assets are insured 1:1. We can cover the losses,” said the company’s CEO Ben Zhou in a post on the platform “X”.

Received over 350 thousand cryptocurrency withdrawal requests 

Zhou also said that Bybit received more than 350,000 withdrawal requests after the hacking incident, which he called the worst in history. 

He assured that all withdrawals had been processed.

This theft could truly become the largest such crime in history.

Previously, a theft of $620 million worth of cryptocurrency from Ronin Network was reported in 2022.

Bybit said its security team, along with forensic experts, are investigating the incident, adding that they have reported the case to the relevant authorities.

According to the company, all customer funds are currently safe and its operations are continuing as usual, without any disruptions.