Nearly $1.5 billion in cryptocurrency has been stolen from the Bybit crypto exchange, making it the largest hack in the history of the crypto industry. This was reported by Bloomberg, citing data from the company and analysts.
According to analyst ZachXBT, hackers gained access to one of Bybit’s wallets and withdrew assets worth $1.46 billion. Bybit CEO Ben Zhou confirmed that the attackers compromised a cold wallet containing Ethereum and transferred the funds to an unknown address.
Zhou assured that if the stolen assets cannot be recovered, the exchange will cover the losses itself, though he did not specify the exact amount of compensation.
This incident has surpassed the previous record-breaking hack of 2021, when $611 million was stolen from Poly Network. Bybit, founded in 2018, serves over 40 million users worldwide, with its headquarters located in Dubai, UAE.
