Hackers have stolen a whopping $1.5 billion from the crypto exchange Bybit in the ‘biggest digital heist in history’.
The crypto exchange firm has stated that it is the victim of one of the biggest online thefts ever, reporting that over a billion dollars has gone missing.
On Friday (February 21), a transfer of the cryptocurrency Ethereum was ‘manipulated’ by hackers who were able to transfer the huge sum to an unidentified address, according to Bybit.
The company went on to say that the incident led to a spike in withdrawal requests.
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Bybit has said that its ‘swift and transparent crisis management ensured that the crypto market remained stable, with no significant price volatility’.
In a statement, the firm continued: “Despite the significant scale of the hack, Bybit’s 1:1 reserve guarantee ensured that client assets remained fully intact.
“Bybit CEO Ben Zhou reassured users that Bybit is solvent and can cover the loss, emphasizing that all client assets are backed on a one-to-one basis. This guarantee demonstrates Bybit’s financial stability and commitment to user security.”
In a post on X, formerly Twitter, Zhou wrote: “12 hr from the worst hack in history. ALL withdraws have been processed. Our withdraw system is now fully back to normal pace, you can withdraw any amount and experience no delays. Thanks for your patience and we are sorry that this has happened.
“Bybit will come out with full incident report as well as security measurement in the next few days. I will also personally keep you all posted on any new updates.
“Thanks to all the clients, friends and partners who have helped and supported us during this excruciation 12 hrs. The real work has just now started.”
Reassuring users of the crypto exchange, Zhou previously shared on X that the firm ‘can cover the loss’.
While this appears to be the biggest digital theft ever recorded, it isn’t the only incident of hackers stealing crypto in recent months.
In December 2024, the FBI, the Defense Department and National Police Agency of Japan all released a joint statement which blamed hackers in North Korea for stealing $308 million from a Japanese cryptocurrency company.
Speaking to CNN, Nick Carlsen, a former FBI intelligence analyst, said: “The current strategy from governments and industry clearly isn’t working.
“People should be going back through the drawing board right now on how to deter and punish North Korea for these hacks.”