Bybit Loses $1.5 Billion in Record-Breaking Crypto Theft
Dubai-based cryptocurrency firm Bybit has confirmed that hackers stole $1.5 billion (£1.1bn) worth of Ethereum, marking the biggest cryptocurrency theft in history. The theft surpasses the $620 million heist of Ethereum and USD Coin from the Ronin Network in 2022.
Bybit’s founder, Ben Zhou, assured users that their funds remain safe and that the company would refund anyone affected. Zhou stated:
“Bybit is solvent even if this hack loss is not recovered. All clients’ assets are 1:1 backed, and we can cover the loss.”
Bybit, which holds $20 billion (£15bn) in assets, said hackers exploited security features and transferred the stolen funds to an unidentified address.
Following the theft, Ethereum’s value fell by 4%, trading at $2,641.41 (£2,090) per coin on Friday.
Founded in 2018, Bybit claims over 60 million users worldwide and offers access to various cryptocurrencies. Notably, Donald Trump and former PayPal chief Peter Thiel were reportedly among its early investors.
The company reported the incident to authorities and is working “quickly and extensively” to identify the hackers.
This incident highlights ongoing security concerns within the cryptocurrency market. Despite the growing popularity of digital currencies, critics argue that their speculative nature makes them vulnerable to manipulation and cyberattacks.
The latest heist further compounds doubts in the market, which had hoped for renewed trust after Donald Trump’s controversial digital coin launch.
Bybit’s assurance of full recovery aims to restore confidence, but the record-breaking theft underlines the persistent vulnerabilities plaguing the digital currency space.