Hackers steal $1.5 billion in largest-ever crypto heist
Efforts to recover the stolen assets include enlisting cybersecurity experts and offering a $140 million reward.
Hackers have stolen $1.5 billion from Dubai-based cryptocurrency exchange Bybit in what is believed to be the largest digital heist in history. The attacker gained access to an Ethereum wallet during a routine transfer and moved the funds to an unknown address, sparking concerns across the cryptocurrency sector.
Bybit quickly reassured users that their funds remained secure, with chief executive Ben Zhou pledging to fully compensate affected customers. Despite this, the platform saw a surge of over 350,000 withdrawal requests, leading to potential delays. The company remains solvent, holding $20 billion in customer assets and is prepared to cover losses if necessary.
The price of Ethereum briefly dipped by nearly 4% following the breach but has since stabilised. Bybit has called upon leading cybersecurity experts to assist in recovering the stolen assets, offering a reward of up to $140 million. Speculation has emerged regarding the hackers’ identity, with reports suggesting possible links to the North Korean state-sponsored Lazarus group known for previous large-scale cryptocurrency thefts.
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