Last night, the largest cryptocurrency theft in history took place: $1.46 billion worth of Ethereum was stolen from Bybit's reserves. Today, Bybit management issued updated information for its users.
How the Hack Occurred
Yesterday, $1.46 billion in Ethereum was stolen from Bybit's reserves, constituting the majority of the company's cryptocurrency holdings. The hacker group Lazarus transferred the obtained 5,000 ETH to a new address and began laundering the funds through eXch and bridging to Bitcoin via Chainflip.
Company's Reaction and Measures
Bybit CEO Ben Zhou quickly responded to the incident, informing users that the stolen funds would be replenished. However, the company clarified that new Ethereum would not be purchased but instead resolved through loans from partners. Today, Zhou reported that all user withdrawal requests have been completed, and the withdrawal system is fully operational again. He apologized for the incident and thanked customers for their patience.
Future Steps and Conclusions
According to Zhou, a detailed report on the event will be released in the coming days, and additional measures will be implemented to strengthen security. Binance founder Changpeng Zhao suggested Bybit temporarily halt withdrawals to prevent further losses.
The largest hack in the cryptocurrency world has had serious consequences for Bybit and its users. The platform's management promises to enhance security measures and restore user trust.
