Bybit, a major cryptocurrency exchange, experienced a theft of $1.5 billion worth of Ethereum, believed to be the largest digital theft in history. The attacker exploited security during a routine transfer between wallets, prompting Bybit to reassure clients of the safety of their assets and that all clients will be refunded. The company has an extensive customer asset base, allowing it to cover potential losses. Bybit is actively engaging cybersecurity experts and offering a reward to recover the stolen funds as withdrawal requests surged post-incident.
The cryptocurrency exchange Bybit seeks help from cybersecurity experts to recover $1.5 billion stolen, reassuring users that their funds remain safe despite the hack.
Bybit's CEO pledged to refund customers for losses, emphasizing the company's ability to cover unrecovered funds and the safety of client assets.
In response to the hack, Bybit experienced a significant surge in withdrawal requests, exceeding 350,000, potentially causing delays in processing.
Despite the Ethereum hack, Bybit remains solvent with all client assets backed 1:1 and has called for expert assistance to recover the funds.
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