As reported by the BBC, Dubai-based crypto firm Bybit is down $1.5 billion in Ethereum after hackers compromised its digital wallet. If the hackers successfully make off with the dough, that would make this the largest single crypto heist ever, more than doubling the previous record holder's ill-gotten gains.
Bybit has not fully disclosed how the hackers gained access to the wallet, but it characterized the attack as an exploit of "security features." That's in line with previous big crypto heists, which relied on security loopholes or some other form of purely digital access rather than social engineering. Despite the unprecedented size of this attack, Bybit says it and its customers should actually be fine, even if the funds are never recovered. Bybit lays claim to $20 billion in assets, and founder Ben Zhou says it can cover the loss with those funds or through a loan.
