Cryptocurrency firm Bybit said hackers stole $1.5bn ($1.1bn) worth of digital currency in what could be the biggest crypto theft in history. The Dubai-based company’s founder told users that their funds were “safe” and that if would refund any of those affected. The hackers stole from its Ethereum coin digital wallet. Ethereum is the second largest cryptocurrency by value after Bitcoin. Bybit’s founder Ben Zhou said the money could be covered by the firm or by a loan from partners. Bybit holds $20bn ($15bn) in assets.
Bybit said the hackers exploited security features, then transferred the money to an unidentified address. After the theft, the value of Ethereum fell by around 4% on Friday, leaving it worth $2,641.41 ($2,090) per coin. The scale of the theft would exceed a previous record, which was a $620m ($490m) heist of Ethereum and USD Coin from the Ronin Network in 2022.
Bybit was founded in 2018. US President Donald Trump and former PayPal chief Peter Thiel were reportedly among its early investors. Bybit says it has more than 60 million users worldwide and offers access to various cryptocurrencies. “Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss,” Mr Zhou added. The company said it has reported the case to authorities and is working “quickly and extensively” to identify the hackers.
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