Crypto exchange claims it suffered a $1.5 billion security breach

A prominent cryptocurrency exchange has reported being targeted in a sophisticated cyber attack, resulting in the theft of approximately $1.5 billion worth of digital assets. This incident is acknowledged as one of the largest online thefts recorded in history.

On Friday, Bybit disclosed that the hack occurred during a standard transfer of Ethereum, one of the leading cryptocurrencies, between its digital wallets. During this process, an attacker managed to manipulate the transaction and reroute the cryptocurrency to an untraceable address.

In response to the hack, the company reassured its customers that their own cryptocurrency holdings in the exchange remain secure. However, it acknowledged an increase in withdrawal requests as a direct consequence of the attack, warning that users might experience delays in processing these withdrawals.

Ben Zhou, the CEO of Bybit, took to social media to reassure stakeholders that the exchange would maintain its financial stability, even if the stolen cryptocurrency was not retrieved. He emphasized, “We can cover the loss.”

Cryptocurrency theft is an increasingly common tactic employed by hackers, and North Korean state-sponsored hackers have been implicated in several high-value crypto heists over the past few years. In December, a coalition statement from the FBI, the Defense Department, and the National Police Agency of Japan attributed a theft of $308 million from a Japanese cryptocurrency firm to North Korean hackers.