Bybit Hit by Largest Cryptocurrency Theft in History

The cryptocurrency industry has suffered its largest digital asset theft in history, according to a report from Bybit CEO Ben Zhou. Hackers gained unauthorized access to the exchange's offline Ethereum wallet and stole $1.46 billion worth of cryptocurrency.

This incident surpasses the previous record-breaking cryptocurrency fraud that saw $611 million stolen from the Poly Network platform in 2021.

The attackers organized a series of suspicious transactions, during which approximately $1.4 billion was withdrawn. The stolen funds were transferred to new addresses and subsequently sold on the market.