Bybit Hit by Massive Hack, $1.5 Billion in Digital Assets Stolen

Cryptocurrency exchange Bybit has announced a major cyberattack resulting in the loss of $1.5 billion in digital assets, equivalent to Rp 23.7 trillion. This incident has the potential to be the largest crypto theft in history.

According to BBC, Bybit’s founder, Ben Zhou, assured users that their funds remain safe. The company has committed to fully compensating affected users for their losses.

Ethereum Wallet Breach

Bybit revealed that hackers targeted a digital wallet storing Ethereum, the second-largest cryptocurrency after Bitcoin.

Zhou stated that the company could cover the losses directly or secure loans from its business partners. Currently, Bybit holds $20 billion (Rp 316.2 trillion) in total assets.

Hackers allegedly exploited a security vulnerability before transferring the stolen assets to an unknown address. Following the attack, Ethereum’s price dropped by 4% on Friday (local time), settling at $2,641 (Rp 41.7 million) per coin.

If confirmed, this theft would surpass the Ronin Network hack in 2022, which resulted in a $620 million (Rp 9.8 trillion) loss.

Bybit Reports Hack, Crypto Security Under Scrutiny

Founded in 2018 and based in Dubai, Bybit claims to have over 60 million users worldwide.

In a post on X (formerly Twitter), the company stated that it has reported the incident to relevant authorities and is actively investigating to identify the perpetrators.

Zhou emphasized that all user assets are backed 1:1, ensuring that the company can fully cover the losses from this attack.

Cyberattacks targeting crypto exchanges are not new. In 2014, Mt. Gox collapsed after losing $350 million (Rp 5.5 trillion) in Bitcoin due to hacking. In 2019, Binance suffered a similar breach, losing $41 million (Rp 648 billion) worth of Bitcoin.

Meanwhile, former U.S. President Donald Trump faced criticism after launching his own TRUMP digital coin, despite admitting he does not understand cryptocurrency. The coin initially surged in value but later plummeted.

Cases like Bybit’s hack highlight that security in the cryptocurrency world remains a significant challenge.

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