Cryptocurrency exchange says it was victim of $1.5 billion hack [View all]

Source: Associated Press

Cryptocurrency exchange says it was victim of $1.5 billion hack

By ASSOCIATED PRESS
Updated 8:55 PM EST, February 21, 2025

A major cryptocurrency exchange says it was the victim of a sophisticated hack that stole about $1.5 billion worth of digital currency, marking one of the biggest online thefts of all time.

Bybit said Friday that a routine transfer of Ethereum, one of the most popular cryptocurrencies, between digital wallets was “manipulated” by an attacker who transferred the crypto to an unidentified address.

The company sought to reassure customers that their cryptocurrency holdings with the exchange were safe. The company added that news of the hack had led to a surge in withdrawal requests and there could be delays in processing them.

Ben Zhou, Bybit’s CEO, said on social media that his company would remain solvent even if the hacked crypto wasn’t recovered.

“We can cover the loss,” he said.

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Read more: https://apnews.com/article/bybit-exchange-crypto-hack-88256366c723a9de8327ef3d4071057e