A massive cryptocurrency theft of £1.1bn has been reported by Bybit, a Dubai-based firm. Hackers allegedly stole $1.5bn worth of digital currency from the company’s Ethereum coin digital wallet. This incident could be the largest crypto theft in history.
Bybit’s founder, Ben Zhou, assured users that their funds are “safe” and promised to refund those affected. The company holds $20bn (£15bn) in assets and has over 60 million users worldwide. It offers access to various cryptocurrencies.
The hackers exploited security features and transferred the money to an unidentified address, causing a 4% drop in Ethereum’s value on Friday. This incident surpasses a previous record of £490m stolen from the Ronin Network in 2022.
Bybit has reported the case to authorities and is working to identify the hackers. The company maintains that it will cover the loss and has “1 to 1 backed” client assets, ensuring users’ funds are secure.
Source: https://www.bbc.com/news/articles/cx2844nvwx8o