Bybit Faces $1.5 Billion Cyber Theft, Marking the Largest Crypto Hack

On Friday, cryptocurrency prices took a hit as Bitcoin dropped to around $97,000 and Ether went below $2,700 following a security breach at Bybit. The incident involved a hacker making off with over $1.46 billion from Bybit's ETH cold wallet, making it the biggest cryptocurrency hack to date. Bybit reassured that its remaining cold wallets are safe, with the CEO guaranteeing a 1-to-1 backup for all client assets. A suspicious outflow of $1.4 billion in ETH triggered the security investigation led by Bybit's team and outside specialists.