Sat, 22 Feb 2025

Sat, 22 Feb 2025 Cryptocurrency theft of £1.1bn could be biggest ever

Dubai-based Bybit said it could afford to reimburse customers and that it was working to find the hackers.
Cryptocurrency exchange Bybit has been hacked, resulting in the theft of approximately $1.5 billion worth of digital currency. The company's founder, Ben Zhou, assured users that their funds are safe and that refunds will be provided to those affected. The hack occurred on a wallet for Ethereum coins, which is the second-largest cryptocurrency by value after Bitcoin. Bybit holds over $20 billion in assets, and its founder claimed that the loss can be covered by the company or through a loan from partners. The theft has caused a 4% drop in the value of Ethereum, with each coin now worth around $2,641.41. This potential heist would surpass a previous record of $620 million stolen from the Ronin Network in 2022. Bybit has over 60 million users worldwide and offers access to various cryptocurrencies. The company is working closely with authorities to identify the hackers and has assured clients that their assets are backed one-to-one, meaning they can cover the loss.
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