Business Cryptocurrency exchange says it was victim of $1.5 billion hack - 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.

A price chart on the Bybit website for the cryptocurrency Ethereum is seen on a computer screen in New York on Friday evening, Feb. 21, 2025. (AP Photo/Patrick Sison)

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.

Stealing cryptocurrencies is a favorite tactic of hackers. North Korean state hackers, in particular, have been linked to several high-dollar crypto thefts in recent years. In December, the FBI, the Defense Department and National Police Agency of Japan issued a joint statement blaming North Korean hackers for the theft of $308 million from a Japanese crypto firm.

Article Link

Archive

 

[Megaton Punch]

>exchange is called bye bit
>loses all their Bitcoin

This is why the ancient Romans wrote so much about not tempting the fates.

 

[oldTireWater]

“We can cover the loss,”

Really? How? Makes you wonder if it isn't actually real money.

Edit: I guess the Spanish probably said the same thing every time a gallieon went down in a storm.

 

[TowinKarz]

>exchange is called bye bit
>loses all their Bitcoin

Whew, good thing I got out of there just in time and invested in a nice safe coin I found over at Rugpull.com

 

[Sexy Senior Citizen]

And for your magic internet coin's next trick, watch as it all disappears!

 

[Sparkletor 2.0]

And they told me I was an idiot for investing all my money into POGs. Who's laughing now!?

 

[RandomTwitterGuy]

Who the fuck gives a shit crypto people deserved to be raped to death.

 

[God of Nothing]

Say it with me kids
Avoid exchanges run by fucking idiots who likely don't even understand what they're engaging in

 

[I glow in the dark]

Rumor going around in Crypto bro circles that it was North Korea who did it, now granted I kind of expect this due to hacking being a popular new way for North Korea to make money now.

 

[spinal gas chamber]

Really? How? Makes you wonder if it isn't actually real money.

Edit: I guess the Spanish probably said the same thing every time a gallieon went down in a storm.

Because they’re the ones that stole it of course. Get “hacked”, make a cybersecurity insurance claim, covers the losses from being “hacked” and you just successfully stole whatever insurance amount Lloyd’s of London or whoever was dumb enough to give you coverage for.

 

[indigoisviolet]

Yeah. What was the person buying that cost $1.5Billion payable in one go?

It does seem more likely that the exchange owners quietly stole the zeros and ones and then made up some bullshit.

 

[Whoopsie Daisy]

Buy crypto, totally secure, ledger something something, blockchain can't be hacked or whatever.

All bullshit, son.