Cryptocurrency exchange Bybit reported a $1.5 billion theft from its Ethereum digital wallet, believed to be the largest crypto heist to date. Founder Ben Zhou reassured users of the safety of their funds and stated the firm could cover the losses through its substantial asset base of $20 billion or loans. After the hack, Ethereum's value fell approximately 4%. Bybit is exploring leads to identify the hackers and has informed authorities. With over 60 million users, Bybit, founded in 2018, is also associated with notable early investors, including Donald Trump.
Bybit was founded in 2018, with prominent figures such as US President Donald Trump and ex-PayPal chief Peter Thiel reportedly among its early investors.
The theft involved exploitation of security features, leading to a transfer of $1.5 billion worth of Ethereum to an unidentified address, making it the largest recorded crypto heist.
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