Bybit, a cryptocurrency exchange platform, announced that hackers stole US$1.5 billion worth of Ethereum from the platform on the morning of Feb. 21, potentially marking the largest cryptocurrency heist in history.
According to a statement reported by AFP, the hackers exploited a security protocol vulnerability during transactions to gain control of an offline wallet on the platform and transferred hundreds of thousands of Ethereum to an unknown address.
Ethereum is the second-largest cryptocurrency by market capitalization, following Bitcoin. Following the news of the theft on Feb. 21, the price of Ethereum dropped approximately 4%, valued at US$2,641.41 per coin. Bybit has over 60 million users globally and offers a range of cryptocurrency services. The platform stated that it holds approximately US$20 billion worth of Ethereum for its customers and promised to compensate users even if the stolen Ethereum cannot be recovered.
The statement emphasized all customer funds are secure. Our operations continue as normal and have not been disrupted. Bybit's security team is currently investigating the incident, and the identity of the perpetrators remains unknown. The scale of this theft far exceeds previous Bitcoin heists.
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