Bybit, the second-largest crypto exchange by trading volume behind Binance, said that it has lost almost $1.5 billion in a hack on Friday. The theft is the biggest in the history of the industry, and makes up more than half of the total funds lost in hacks in all of 2024, according to a Ethereum wallets and transferred all of its contents to an unidentified address. Data analytics firm Arkham Intelligence confirmed that Bybit had recently experienced $1.4 billion in Bitcoin down 3% and Ethereum down 4%, Zhou attempted to quell clients’ fears by saying that their assets remain secure. “Bybit is Solvent even if this hack loss is not recovered. All of the clients assets are 1 to 1 backed, we can cover the loss,” he wrote on X, referring to fiat currency or cryptocurrency reserves that the company keeps to support its clients’ crypto holdings.
