Biggest crypto heist in history: hackers steal $1.5 billion

In what is being called the largest cryptocurrency theft in history, hackers have stolen $1.5 billion from the crypto exchange Bybit.

Bybit, a Dubai-based cryptocurrency exchange, has sought assistance from cybersecurity experts to recover the stolen digital assets. According to the company, a hacker gained control of an Ethereum wallet and transferred its contents to an unknown address.

Despite the massive breach, Bybit has assured users that their funds are safe and that any affected customers will be fully compensated. Ben Zhou, the company’s Chief Commercial Officer, stated that users will receive full reimbursements even if the stolen funds cannot be recovered. He further emphasised that Bybit holds $20 billion in assets, ensuring its ability to cover losses.

Bybit, the world’s second-largest crypto exchange, serves over 60 million users globally. Following the hack, more than 350,000 users requested withdrawals, causing delays in processing transactions.

To retrieve the stolen funds, Bybit has announced a 10% reward for cybersecurity experts who help recover the assets. This reward could reach $140 million if the entire amount is successfully retrieved.