Dubai-based cryptocurrency exchange Bybit has fallen victim to what is being called the largest digital heist in history, with hackers stealing $1.5 billion (approximately 420 billion PKR) from the platform.

Ethereum Wallet Breached in Massive Cyberattack

According to reports from The Guardian, hackers managed to gain control of Bybit’s Ethereum wallet, transferring the stolen cryptocurrency to an unknown address. The attack occurred while Bybit was in the process of shifting funds from its cold wallets (offline storage) to warm wallets, which are used for daily transactions.

Bybit CEO Assures Customers Their Funds Are Safe

In response to the security breach, Bybit CEO Ben Zhou assured customers that their funds remain secure, even if the stolen assets cannot be recovered. He emphasized that the company holds reserves worth $20 billion, ensuring it has the financial strength to cover all affected user accounts.

Bybit Offers $140 Million Reward for Fund Recovery

Bybit has called in cybersecurity experts to track down the stolen assets and has announced a 10% reward for any recovered funds. Additionally, anyone who successfully retrieves the entire stolen amount will receive a $140 million bounty.

Withdrawals Surge as Users Rush to Secure Funds

Bybit, which ranks as the second-largest crypto exchange in the world with over 60 million users, is currently experiencing a surge in withdrawal requests. Over 350,000 users have applied to withdraw their funds following the attack, causing delays in transactions.

The Aftermath: A Wake-Up Call for Crypto Security

This incident raises concerns about crypto exchange security, highlighting the risks of storing large amounts of assets online. As the industry grapples with growing cyber threats, Bybit’s response and fund recovery efforts will be closely watched.