Cryptocurrency theft of £1.1bn could be biggest ever

Cryptocurrency theft of £1.1bn could be biggest ever

Bybit Suffers $1.5 Billion Crypto Heist, One of the Largest in History

Dubai-based cryptocurrency exchange Bybit has fallen victim to a massive cyberattack, with hackers stealing $1.5 billion (£1.1 billion) in digital assets. The theft, primarily targeting Bybit’s Ethereum wallets, could be the largest crypto hack ever recorded, surpassing the $620 million Ronin Network breach in 2022.

Despite the staggering loss, Bybit's founder, Ben Zhou, reassured users that their funds were safe and that any affected accounts would be fully reimbursed. The company, which holds $20 billion (£15 billion) in assets, stated that the losses could be covered internally or through loans from its partners.

Bybit reported that the hackers exploited vulnerabilities in its security system before transferring the stolen funds to an unidentified address. Following the incident, Ethereum’s value dropped by approximately 4%, bringing its price down to $2,641.41 (£2,090) per coin.

In response to the breach, Bybit has notified authorities and is conducting an extensive investigation to track down those responsible. The firm, which has over 60 million users worldwide, emphasized that it remains solvent, ensuring all client assets are backed on a 1:1 basis.

The attack highlights the ongoing risks in the cryptocurrency sector, where security breaches continue to challenge investor confidence. Meanwhile, former U.S. President Donald Trump, a past critic of crypto, has faced backlash for launching his own digital token, TRUMP, which initially surged in value before experiencing a sharp decline.

As regulatory scrutiny intensifies, Bybit’s ability to recover from this historic hack will be closely watched by the crypto community and financial markets alike.