The largest cryptocurrency theft occurred as $1.5 billion worth of Ethereum was withdrawn from the Bybit exchange.

Hackers have breached the Bybit exchange and stolen cryptocurrencies worth nearly $1.5 billion. This marks the largest cryptocurrency theft in the history of the industry.

This information was reported by RBK-Ukraine citing Bloomberg.

It has been noted that the hackers managed to gain control over an Ethereum wallet and transferred the assets to an unidentified address. Bybit has stated that it will be able to fully cover the losses.

According to online analyst ZachXBT, due to a series of suspicious transactions, assets amounting to approximately $1.46 billion were withdrawn from the exchange's wallet. Research firm Arkham Intelligence confirmed an outflow from the exchange totaling around $1.4 billion.

According to analytics company Elliptic, this is the largest crypto theft, surpassing the $611 million stolen from Poly Network in 2021. Rob Benke, co-founder of Halborn, stated that "this is likely the biggest incident, not just among cryptocurrencies."

About Bybit Exchange

Bybit is one of the largest cryptocurrency exchanges in the world, founded in 2018. The average daily trading volume on the exchange exceeds $36 billion. Before the hack, it held assets worth approximately $16.2 billion.

It is worth noting that most countries around the world recognize the legality of cryptocurrency. By the end of 2023, over 60% of nations have legalized the use of digital currency.

In Ukraine, the regulations governing the use of cryptocurrency have not yet been established at the legislative level. It is anticipated that this may happen as early as 2025.