Bybit Suffers Historic $1.5 Billion Crypto Heist, Shaking Market Confidence
In a significant blow to the cryptocurrency sector, Dubai-based exchange Bybit has reported a security breach resulting in the theft of approximately $1.5 billion in Ethereum, taking place late Friday evening.
The attack occurred during a routine transfer from Bybit’s offline “cold” wallet to a “warm” wallet used for daily operations, Bybit explained. Hackers exploited this process by manipulating the transaction, gaining control over the cold wallet, and transferring 401,000 Ethereum to an unidentified address.
Bybit CEO Ben Zhou emphasized that despite the loss, the exchange remains solvent, with all client assets backed 1:1. He assured users that other wallets are secure and that withdrawals are functioning normally.
