E-Paper
World's largest crypto theft reported at Bybit; ₹13,000-crore Ethereum stolen
Dubai-based crypto exchange Bybit has reported the world's largest crypto hack worth ₹13,000 crore. The company has assured of full returns to customers.
The world's largest cryptocurrency hack has been reported at Dubai-based exchange Bybit. According to the company, the attack exploited security protocols during a transaction and stole 400,000 Ethereum worth $1.5 billion (about ₹13,000 crore), Bloomberg reported.
Bybit CEO and Founder Ben Zhou assured customers that their “funds are safe” and said that the company has launched a refund program for affected users.
“Bybit is committed to protecting our community, and we will fully reimburse all impacted users,” Zhou said.
Ethereum is the second-largest cryptocurrency by market value after Bitcoin, and was worth $2,641.41 on Friday after the hack, down nearly 4%.
The chief executive also said that the exchange holds $20 billion in client assets. Bybit has more than 60 million users worldwide and features multiple cryptocurrencies.
He also assured that in case the company is unable to recover any of the stolen funds, the refund will be financed using Bybit's treasury or a bridge loan from partners. "Bybit is solvent even if this hack loss is not recovered, all of the client assets are 1 to 1 backed, we can cover the loss,” Zhou added.
The latest theft has claimed the spot and dethroned the 2022 Ronin Network hack, which led to the theft of Ethereum and USD Coin worth $620 million. That hack was allegedly carried out by North Korea's Lazarus group.
India's largest crypto theft
Earlier in 2024, Indian crypto exchange WazirX had reported India's largest crypto theft worth $234 million. Following the theft, the stolen digital assets were allegedly sent to an address by North Korean hackers belonging to the Lazarus group.
The hackers had reportedly targeted a vulnerability in WazirX's multi-signature wallets that require multiple keys to authorise a transaction. The hackers circumvented the safety checks and stole the crypto.
Soon after the hack, the exchange was forced to freeze its operations to assess the situation and work on recouping losses.
