Bybit has reported a significant security breach where hackers stole $1.5 billion worth of digital assets, raising alarms over security issues in the cryptocurrency market. The theft targeted their Ethereum wallet, and although it has not been confirmed, it could be the largest crypto theft ever. Founder Ben Zhou assured that customer funds are secure, pledging that the exchange would cover the losses. The incident has caused a drop in Ethereum's value and heightened scrutiny of the cryptocurrency sector, noted for its transparency challenges.
Bybit, a Dubai-based cryptocurrency exchange, has disclosed that hackers stole $1.5 billion worth of digital assets in what may rank as the largest crypto theft in history.
The attackers reportedly exploited security loopholes to move funds to an unknown digital address. Ethereum, the world's second most valuable cryptocurrency after Bitcoin, fell 4% in value on Friday to $2,641.41 in response to news of the breach.
Mr. Zhou insists that Bybit's customers will not be left out of pocket. 'All of clients' assets are 1 to 1 backed,' he said on social media.
If confirmed, the theft would eclipse a $620 million hack in 2022, when cybercriminals stole Ethereum and USD Coin from the Ronin Network.
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