On February 21, cryptocurrency exchange Bybit reported that an attacker took control of an ether wallet and moved approximately $1.5 billion in holdings to an undisclosed address. Bybit's CEO Ben Zhou stated that only the ether cold wallet was targeted, assuring that all other wallets were unaffected, and withdrawals were proceeding normally.
The company confirmed the safety of all client funds and mentioned that operations were running smoothly without any interruptions. Bybit's security team, in collaboration with forensic experts, is currently investigating the breach.
With a user base exceeding 60 million globally, Bybit provides access to various cryptocurrencies, including bitcoin and ether. Zhou reassured that even without recovery of the hacked funds, Bybit remains financially stable, guaranteeing that all client assets are fully backed 1 to 1, enabling coverage of any losses incurred from the hack.