Bybit Exchange Hit by $1.5 Billion Crypto Theft in Sophisticated Attack

A major crypto fraud could become one of the largest in history after the Bybit exchange revealed it was targeted in a sophisticated attack, resulting in the theft of $1.5 billion in digital currencies. The hackers infiltrated Bybit’s multi-signature cold wallet, transferring assets to unidentified addresses. Despite the scale of the theft, Bybit assured customers that their funds remained safe, and the company would cover any losses. The breach caused Ethereum’s value to drop by 4%, though it later recovered.

The attack reportedly occurred during a routine transfer between Bybit’s cold and hot wallets. The hackers exploited vulnerabilities in the smart contract logic, gaining unauthorized access to the funds. Bybit is working with authorities to track the perpetrators and enhance security. Founded in 2018, Bybit has over 60 million users globally, with notable investors like former U.S. President Donald Trump and former PayPal CEO Peter Thiel.

This breach is now one of the largest crypto thefts ever recorded, surpassing past major hacks such as the 2022 Ronin Network attack, which saw $620 million stolen. It also ranks alongside the 2014 Mt. Gox hack and the 2019 Binance breach, highlighting ongoing vulnerabilities in the crypto market.