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Kathmandu. The largest cryptocurrency theft in history has been reported. Hackers have stolen $1.5 billion (£1.1 billion) worth of digital currency.
Cryptocurrency firm Bybit has said hackers have stolen $1.5 billion (£1.1 billion) worth of digital currency. It claims it could be the largest crypto theft in history. The founder of the Dubai-based company has assured users that their funds are “safe” and will compensate all those affected.
The hacker is said to have stolen its Ethereum coins from its digital wallet. Ethereum is the second-largest cryptocurrency by value after Bitcoin.
Bybit founder Ben Zhou said the firm would cover the cost through debt or from partners. Bybit has assets worth $20 billion (£15 billion). Bybit said the hackers abused security features and then transferred the money to an unknown address.
Ethereum fell by about 4% on Friday (February 22) after the theft. Its coin is currently trading at $2,641.41. In 2022, $620 million (£490 million) worth of Ethereum and USD coins were stolen from the Ronin network.
Bybit was founded in 2018. US President Donald Trump and former PayPal chief Peter Thiel were among its early investors. Bybit says it has more than 60 million users worldwide and offers access to a range of cryptocurrencies.
“Even if the hack is not recovered, Bybit can still bear the losses. All customer assets are fully protected, we can cover the losses,” Zhou said. The company said in a post on social media that it had informed authorities about the incident and that it was working quickly and extensively to identify the hackers.
Cryptocurrencies, which have become popular with investors in recent times, have fueled divisions as many have criticized their value as being based purely on speculation, allowing their value to be easily manipulated.
Donald Trump has been criticized for launching his own digital coin, saying he “doesn’t know much” about cryptocurrencies. The digital coin named Trump appeared on his social media accounts before his inauguration and quickly became one of the most valuable cryptocurrencies, but has since fallen significantly in value.
This has highlighted security concerns within the digital currency market, which had been expected to gain new confidence after Trump unveiled his coin. Trump adviser and billionaire Tesla owner Elon Musk has also spoken out about bitcoin in the past.
In 2014, crypto exchange Mt. Gox filed a lawsuit after $350 million worth of digital currency was stolen due to a security breach.
In 2019, hackers stole $41 million worth of bitcoin from the Binance exchange. – Agency
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