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$1.5 Billion Stolen in Historic Cyber Heist on Bybit Crypto Exchange
In a massive cybersecurity breach, Dubai-based cryptocurrency exchange Bybit has suffered one of the largest crypto heists in history, with hackers stealing approximately $1.5 billion worth of Ethereum. Analysts describe this as the biggest digital theft ever recorded.
How the Hack Happened
The breach reportedly took place during a routine transfer from Bybit's cold wallet (offline storage) to a warm wallet (used for daily transactions). Hackers manipulated the transaction and took control of the cold wallet, siphoning off approximately 401,000 Ethereum into an unknown address.
Bybit's Response
Bybit's CEO, Ben Zhou, assured customers that all client assets remain backed on a 1:1 basis. Withdrawals and unaffected wallets remain secure, though some delays may occur due to high withdrawal requests. Bybit is actively working with blockchain security experts to trace the stolen funds and has launched a bounty program, offering up to 10% of any recovered amount to ethical hackers who assist in the investigation.
Who Is Behind the Attack?
Blockchain analytics firms have suggested that the notorious Lazarus Group, a North Korean state-backed hacking collective, could be responsible for the attack. However, an official confirmation is still pending.
Impact on the Crypto Market
Following the breach, Ethereum’s price temporarily dropped by around 4%, highlighting the ongoing risks associated with cryptocurrency exchanges. This incident adds to a growing list of crypto thefts, with over $2.2 billion stolen from digital platforms in 2024 alone.
Bybit has pledged to strengthen its security measures to prevent future attacks and maintain trust within the crypto community.
$1.5 Billion Stolen in Historic Cyber Heist on Bybit Crypto Exchange
In a massive cybersecurity breach, Dubai-based cryptocurrency exchange Bybit has suffered one of the largest crypto heists in history, with hackers stealing approximately $1.5 billion worth of Ethereum. Analysts describe this as the biggest digital theft ever recorded.
How the Hack Happened
The breach reportedly took place during a routine transfer from Bybit's cold wallet (offline storage) to a warm wallet (used for daily transactions). Hackers manipulated the transaction and took control of the cold wallet, siphoning off approximately 401,000 Ethereum into an unknown address.
Bybit's Response
Bybit's CEO, Ben Zhou, assured customers that all client assets remain backed on a 1:1 basis. Withdrawals and unaffected wallets remain secure, though some delays may occur due to high withdrawal requests. Bybit is actively working with blockchain security experts to trace the stolen funds and has launched a bounty program, offering up to 10% of any recovered amount to ethical hackers who assist in the investigation.
Who Is Behind the Attack?
Blockchain analytics firms have suggested that the notorious Lazarus Group, a North Korean state-backed hacking collective, could be responsible for the attack. However, an official confirmation is still pending.
Impact on the Crypto Market
Following the breach, Ethereum’s price temporarily dropped by around 4%, highlighting the ongoing risks associated with cryptocurrency exchanges. This incident adds to a growing list of crypto thefts, with over $2.2 billion stolen from digital platforms in 2024 alone.
Bybit has pledged to strengthen its security measures to prevent future attacks and maintain trust within the crypto community.
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