Dubai-based cryptocurrency exchange Bybit has been hit by one of the largest crypto heists ever recorded, with hackers stealing $1.5 billion (£1.1 billion) worth of digital assets from its Ethereum wallets.
Despite the massive breach, Bybit’s founder, Ben Zhou, reassured users that their funds remain safe, stating that any affected accounts will be refunded. The company, which manages over $20 billion in assets, has promised to cover the losses internally or secure a loan from its partners.
How Did the Hack Happen?
Bybit revealed that the hackers exploited security vulnerabilities in its Ethereum wallet, gaining access to funds before transferring them to an unidentified address. The attack has raised fresh concerns about crypto security, particularly as Bybit is one of the largest exchanges in the world, with over 60 million users globally.
The market reacted quickly to the breach—Ethereum’s price dropped by 4%, bringing it down to $2,641.41 (£2,090) per coin on Friday.
Breaking Records: The Biggest Crypto Theft Ever?
If confirmed, this heist would surpass the previous record set in 2022, when $620 million (£490 million) was stolen from the Ronin Network. It also adds to a long history of major crypto breaches, including:
🔹 Mt. Gox (2014): $350 million stolen, leading to bankruptcy
🔹 Binance (2019): $41 million worth of Bitcoin stolen
🔹 Ronin Network (2022): $620 million hacked in a blockchain gaming-related breach
With this latest attack, crypto security is once again under intense scrutiny, just as the industry was hoping to rebuild trust after regulatory progress and growing institutional adoption.
Bybit’s Connections to Trump and Peter Thiel
Bybit, which was founded in 2018, has had high-profile investors, including former U.S. President Donald Trump and PayPal co-founder Peter Thiel. Interestingly, Trump himself recently launched a digital coin, TRUMP, which saw an initial surge but has since dropped significantly in value.
Meanwhile, Elon Musk—who has been a vocal advocate for Bitcoin and crypto—has yet to comment on the incident.
