Bybit Crypto Exchange Reports Wallet Hack, Predicts $1.5 Billion Loss

Cryptocurrency prices plummeted on Friday, as Bitcoin dropped to almost $97,000 and Ether slipped below $2,700 following a security breach at Bybit. Bybit verified a cybercriminal looted more than $1.46 billion in cryptocurrency from its ETH cold wallet, making it the largest cryptocurrency theft on record. Bybit reassured investors that all other cold wallets remain intact, with the CEO guaranteeing that client assets are fully backed despite the substantial loss. The investigation into the security incident was triggered by a suspicious outflow of $1.4 billion in ETH, leading Bybit's team and external experts to delve into the breach.