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Crypto exchange Bybit hit with $1.5bn hack

Bybit CEO Ben Zhou says company will fully compensate users

GNN Web Desk
Published 3 hours ago on Feb 24th 2025, 5:13 pm
By Web Desk
Crypto exchange Bybit hit with $1.5bn hack

(Web Desk): Cryptocurrency exchange Bybit has requested assistance from the "brightest minds" in cybersecurity to help recover the $1.5 billion worth of digital currency stolen by hackers. This has been described as the largest digital theft in the history of online cryptocurrency.

According to the Dubai-based crypto platform, a hacker gained control of a wallet containing Ethereum, a digital currency, and transferred its contents to an unknown address.

Immediately following the theft, Bybit assured users that their cryptocurrency holdings were safe, and if anyone experienced a loss, the company would compensate them.

Ben Zhou, co-founder and CEO of Bybit, posted on X (Twitter) stating that even if the stolen digital currency could not be recovered, the company would fully compensate users. He further mentioned that the company holds $20 billion in user assets and is fully capable of covering the losses.

It is estimated that over 60 million users worldwide use Bybit's services, making it the second-largest cryptocurrency exchange platform in the world.

Ben Zhou also noted that following the hacking incident, more than 350,000 users submitted withdrawal requests, and due to the high volume of requests, the process would take some time. He explained that the hacking occurred when the company transferred cryptocurrency from an "offline cold wallet" to a "warm wallet" as part of its regular operations. According to him, the hacker exploited security vulnerabilities to move the assets elsewhere.

The company has announced that cybersecurity experts who help recover the stolen funds will be rewarded with 10% of the amount recovered, which could be up to $140 million if the experts are successful in returning the entire sum.

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