Hackers launched a “sophisticated attack” that cost Dubai-based cryptocurrency exchange Bybit $1.5 billion (about Dh5.51 billion) in digital assets. In the history of the industry, this is the largest heist of its kind. The company stated that although there has been a “surge” in withdrawal requests as a result of the circumstance, they have not been stopped.
CEO and founder Ben Zhou described it as the “worst hack possibly in the history of any medians (banks, crypto, finance)” and said that all Bybit features were still operational. People can “withdraw any amount and experience no delays” now that the withdrawal system is completely operational again. The business claimed to have borrowed Ethereum (ETH) to enable withdrawals during the “sleepless” hours following the hack.
The company explained that after a typical transfer process, it discovered “unauthorised activity” within an ETH cold wallet. Over 400,000 ETH was lost as a result of transaction manipulation by hackers. After Bitcoin, ETH is the second-largest cryptocurrency network in terms of market value. Bybit described the theft as a “isolated incident” and claimed that client funds were unaffected and that all other cold wallets and assets were safe.
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