Bybit, a cryptocurrency exchange, reported a staggering theft of approximately $1.5 billion, potentially the largest crypto heist ever. CEO Ben Zhou announced the firm managed to replenish its reserves within three days using emergency loans and deposits, assuring users their funds are safe. The heist involved a routine transfer from Bybit’s cold wallet using a likely masked transaction to manipulate smart contract code. Blockchain analysts identified the Lazarus Group as the perpetrators, further complicating the security landscape in cryptocurrency.
The theft occurred during a routine internal transfer from Bybit's Ethereum coin cold wallet, indicating vulnerabilities even in secure storage methods.
Zhou assured users that their funds were safe and that Bybit would refund all affected customers, emphasizing emergency loans and deposits to re-establish balance.
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