Bybit hacked: $1.5 billion in Ethereum stolen in sophisticated cyberattack

Bybit confirmed a $1.5 billion crypto hack involving manipulated Ethereum transfers. Despite increased withdrawals, the exchange assured users their funds are safe, with CEO Ben Zhou stating the company can cover the loss.

In Short

• Bybit hacked, $1.5 billion in crypto stolen.
• Ethereum transfer manipulated by attacker.
• Customer crypto holdings remain safe, says Bybit.

A major cryptocurrency exchange says it was the victim of a sophisticated hack that stole about $1.5 billion worth of digital currency, marking one of the biggest online thefts of all time.

Bybit said Friday that a routine transfer of Ethereum, one of the most popular cryptocurrencies, between digital wallets was “manipulated” by an attacker who transferred the crypto to an unidentified address.

The company sought to reassure customers that their cryptocurrency holdings with the exchange were safe. The company added that news of the hack had led to a surge in withdrawal requests and there could be delays in processing them.

Ben Zhou, Bybit’s CEO, said on social media that his company would remain solvent even if the hacked crypto wasn’t recovered.

“We can cover the loss,” he said.

Stealing cryptocurrencies is a favorite tactic of hackers. North Korean state hackers, in particular, have been linked to several high-dollar crypto thefts in recent years. In December, the FBI, the Defense Department and National Police Agency of Japan issued a joint statement blaming North Korean hackers for the theft of $308 million from a Japanese crypto firm.