Major cryptocurrency exchange hit by history’s largest crypto heist

Cryptocurrency exchange Bybit has requested the help of the “brightest minds” associated with cybersecurity to get back $1.5 billion worth of digital currency stolen by hackers.

This has been described as the biggest digital theft in the history of online cryptocurrency.

According to the Dubai-based crypto platform, a hacker took control of a digital currency wallet called Ethereum and transferred its contents to an unknown address. Soon after the theft by Bybit, customers were assured that their cryptocurrency reserves were safe and that if anyone was harmed, the company would compensate.

Ben Zhou, co-founder and chief executive of Bybit, said in an X (Twitter) post that even if the hacked digital currency fails to get back, the company will pay customers in full.

He added that the company has $20 billion of consumer assets and we are fully capable of compensating the loss.

It is estimated that more than 60 million people around the world use Bybit’s services and it is the world’s second largest cryptocurrency exchange platform.

Ben Zhou said more than 350,000 users have sent requests to withdraw their funds after the hacking incident, but with so many requests, it will take time to complete the process.