Dubai-based exchange Bybit has fallen victim to a monumental security breach, resulting in the theft of approximately $1.5 billion worth of digital as

Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what’s estimated to be the largest crypto heist in history.

After FTX collapsed, Bybit CEO Ben Zhou told Bloomberg, “...we saw the opportunity.” Someone else saw an opportunity also, transferring nearly $1.5 billion in crypto out of a cold wallet. According to crypto researcher ZachXBT,

The chief executive of the crypto exchange Bybit is assuring customers that the firm can meet all withdrawal requests following a massive cybersecurity incident.

The hackers stole the crypto from Bybit's cold wallet, an offline storage system that's supposed to be highly secure. Around 400,000 ETH were swiped in all,

Hackers stole about $1.5bn in crypto tokens from Bybit, in a heist the digital asset exchange described as the biggest theft to hit the industry. Ethereum coins were been taken from Bybit’s offline or “cold” wallet, the exchange’s chief executive Ben Zhou said in a post on X.

Ben Zhou, Bybit's CEO, said that the hack had affected around 401,000 Ethereum and sparked a surge in withdrawal requests.