Cryptocurrency firm Bybit reported a theft of $1.5 billion (£1.1 billion) worth of digital currency, potentially marking the largest crypto heist in history. The Dubai-based company reassured users that their funds were “safe” and promised refunds for those affected. According to Bybit’s founder, Ben Zhou, the stolen amount could be covered by the firm or through a loan from partners. Bybit holds $20 billion (£15 billion) in assets. The hackers exploited security vulnerabilities and transferred the stolen Ethereum coins to an unknown address. Following the incident, Ethereum’s value dropped by approximately 4% on Friday, valuing each coin at $2,641.41 (£2,090). This breach surpasses the previous record of a $620 million (£490 million) theft from the Ronin Network in 2022. Bybit, founded in 2018, claims to have over 60 million users globally and offers access to various cryptocurrencies. The company has reported the incident to authorities and is actively working to identify the hackers. Bybit emphasized its solvency, stating that all client assets are fully backed. The theft highlights ongoing security concerns within the digital currency market. In related news, former US President Donald Trump’s recently launched digital coin, TRUMP, initially surged in value but has since declined significantly. This incident follows previous major cryptocurrency thefts, such as the $350 million stolen from Mt Gox in 2014 and $41 million from Binance in 2019. — news from BBC.com
