A significant cyber heist has sent shockwaves through the cryptocurrency exchange industry, as a major platform reported being the target of a sophisticated hack that resulted in the theft of approximately $1.5 billion worth of digital currency. This incident stands out as one of the largest online thefts in history. Bybit, the affected cryptocurrency exchange, disclosed on Friday that a routine transfer of Ethereum, a commonly used cryptocurrency, was compromised by an attacker who manipulated the transfer of the crypto to an unidentified destination.
Despite the breach, Bybit moved swiftly to reassure its customers that their cryptocurrency holdings on the platform remained secure. However, the aftermath of the hack saw a substantial increase in withdrawal requests, with potential delays in processing these transactions anticipated. Ben Zhou, the CEO of Bybit, took to social media to affirm that the company had the financial capacity to cover the losses even if the stolen cryptocurrency was not recovered.
Theft of cryptocurrencies has become a favored tactic among hackers, with North Korean state actors notably being implicated in numerous high-value crypto thefts in recent times. In a joint statement issued by the FBI, the Defense Department, and the National Police Agency of Japan in December, North Korean hackers were accused of orchestrating a $308 million theft from a Japanese cryptocurrency firm.
