Bybit Suffers Major Security Breach Resulting in Loss of $1.5 Billion in Digital Assets

Bybit, a leading cryptocurrency exchange, has suffered a major security breach resulting in the loss of $1.5 billion in digital assets

Cryptocurrency exchange Bybit suffered a major security breach that resulted in the theft of $1.5 billion in digital assets, making it the largest crypto heist to date.

The theft, which occurred on Friday, targeted Bybit’s Ethereum coin digital wallet.

According to Bybit founder Ben Zhou, the stolen funds were transferred to an unknown address by the hackers, who exploited security features.

"We are still investigating the details, but we can confirm that a substantial amount of crypto assets were taken from our cold wallet," Zhou said in a statement.

"We are working closely with law enforcement and other relevant parties to recover the stolen assets and bring the perpetrators to justice."

Bybit, which is headquartered in Dubai, has reassured users that their funds are "safe" and that the company or its partners will be covering the stolen funds.

The exchange holds $20 billion in assets, according to Zhou.

Following the theft, the value of Ethereum fell by about 4% on Friday, bringing its price to $2,641.41 per coin.

The 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, which was founded in 2018, has attracted early investments from figures like US President Donald Trump and former PayPal chief Peter Thiel.

The platform has over 60 million users worldwide and offers access to a wide range of cryptocurrencies.