Bybit hacked: $1.5 billion in Ethereum stolen in sophisticated cyberattack
Bybit confirmed a $1.5 billion crypto hack involving manipulated Ethereum transfers. Despite increased withdrawals, the exchange assured users their funds are safe, with CEO Ben Zhou stating the company can cover the loss.
A major cryptocurrency exchange says it was the victim of a sophisticated hack that stole about $1.5 billion worth of digital currency, marking one of the biggest online thefts of all time.
Bybit said Friday that a routine transfer of Ethereum, one of the most popular cryptocurrencies, between digital wallets was “manipulated” by an attacker who transferred the crypto to an unidentified address.
Despite the severity of the breach, Bybit opted for an unconventional crisis management approach by keeping withdrawals open and honoring all user transactions. CEO Ben Zhou appeared on camera to address concerns, assuring users that the exchange had sufficient funds to cover all withdrawals.
He also stated that Bybit was securing immediate liquidity through external support rather than purchasing Ether
ETH
$2,775
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Onchain data showed Bybit receiving approximately 100,000 ETH of inflows from crypto exchanges Binance and Bitget soon after the hack. Binance co-founder and former CEO Changpeng Zhao stated that the funds linked to Binance were not from the exchange itself but likely from large investors providing loans to Bybit.
