Crypto exchange Bybit hit by record $1.5bn hack

Bybit, the market’s third-largest crypto exchange, has conscionable been hacked for astir $1.5 cardinal successful Ethereum connected Friday.

Onchain enactment shows the hacker has been selling the stolen funds for the past hour.

“Please remainder assured that each different acold wallets are secure. All withdraws are NORMAL,” Ben Zhou, CEO of Bybit said.

The hacker gained entree to Ether successful the exchange’s acold wallet — a secure, offline retention instrumentality for holding cryptocurrencies — and sent funds to an unidentified address.

In a aboriginal statement, Zhou said, “Bybit is solvent adjacent if this hack nonaccomplishment is not recovered. All of clients assets are 1 to 1 backed. We tin screen the loss.”

Prior to today’s Bybit hack, the largest hack successful the crypto manufacture was the Ronin Network exploit connected March 23, 2022, which resulted successful a $600 cardinal loss.

Bybit did not instantly respond to further requests for comment.

This is simply a processing story.

Liam Kelly is simply a Berlin-based newsman for DL News. Got a tip? Email him astatine [email protected].