Hackers have stolen $1.5 billion from Dubai-based cryptocurrency exchange Bybit, marking the largest digital heist in history. The attack targeted an Ethereum wallet during a routine transfer, allowing the cybercriminals to move the funds to an unknown address. The breach has raised major security concerns across the cryptocurrency sector.
Despite the attack, Bybit assured users that their funds remain secure. CEO Ben Zhou pledged to fully compensate affected customers, reinforcing the platform’s commitment to financial stability. However, the exchange experienced over 350,000 withdrawal requests, causing potential delays in processing transactions.
Bybit Holds $20 Billion in Assets, Promises Full Compensation
Bybit remains solvent with $20 billion in customer assets, making it financially capable of covering any potential losses. The exchange continues to operate, and users have been urged to remain patient amid the high volume of withdrawal requests.
The price of Ethereum briefly dropped by nearly 4% following the breach but has since stabilized as the market absorbs the impact of the attack.
Bybit Offers $140 Million Bounty for Recovery Efforts
In response to the hack, Bybit has enlisted top cybersecurity experts to investigate and track down the stolen assets. The company has offered a bounty of up to $140 million for any information leading to the recovery of funds or the identification of the hackers.
Security analysts are investigating possible links to the North Korean state-sponsored Lazarus Group, a notorious hacking organization responsible for previous large-scale cryptocurrency thefts. While no direct connection has been confirmed, experts warn that sophisticated state-backed cybercriminals may be behind the attack.
Crypto Industry on High Alert Amid Growing Cyber Threats
This record-breaking hack underscores the growing cybersecurity challenges facing cryptocurrency exchanges. Industry leaders are urging platforms to implement stronger security measures and multi-layered authentication systems to prevent future breaches.
Bybit continues to work closely with law enforcement agencies and blockchain forensics teams to track the movement of stolen funds. Meanwhile, the broader crypto community remains on high alert, with investors closely monitoring security risks in the industry.
