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Bybit Faces $1.5 Billion Crypto Heist

  • Bybit, a major cryptocurrency exchange, recently experienced one of the largest cyber thefts in the industry's history, losing approximately $1.5 billion in crypto tokens.
  • The heist involved the manipulation of a routine Ethereum transfer, leading to a significant breach of Bybit's cold wallets, which were previously considered secure.
  • Bybit's CEO, Ben Zhou, expressed concerns about the magnitude of the breach but reassured users that the company remains solvent and is working to compensate for the losses.
  • The incident has prompted calls for enhanced security measures and regulations within the cryptocurrency industry, highlighting the ongoing vulnerabilities even in cold storage solutions.
  • The theft has also impacted cryptocurrency values, with Ethereum experiencing a 6% dip following the news, and has led to a surge in withdrawal requests from Bybit's users.

Source: Newsweek, New York Post, Boston Herald

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