Bybit's Massive Crypto Hack: $1.5 Billion Stolen
Bybit's Crypto Hack Overview
Bybit, one of the largest cryptocurrency exchanges, has experienced the most significant hack in crypto history, with approximately $1.5 billion stolen. Analysts believe that North Korean hackers are responsible for this audacious heist.
Details of the Incident
- A hacker accessed Bybit's offline Ethereum wallet, leading to massive outflows of assets.
- CEO Ben Zhou confirmed the theft in a post on X, revealing around $1.46 billion in assets were transferred.
- This incident surpasses the previous crypto theft record of $611 million from Poly Network in 2021.
Company Response and Fallout
In response to client concerns, Zhou conducted a livestream to reassure users that their money is safe. Bybit is working to recover the stolen assets and has raised bridge loans to cover up to 80% of the losses. Although withdrawals continue, the exchange is currently not purchasing any Ether to mitigate the impact.
Market Reactions
- Ether's value dropped nearly eight percent after the hack.
- Bitcoin experienced a nearly five percent decline alongside other cryptocurrencies.
- Analysts are assessing the potential long-term implications of this unprecedented breach.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.