Records record of 1.1 billion sterling pounds of cryptocurrency break the industry.
The bybit in the cryptocurrency exchange reported that the hackers stole $ 1.5 billion (1.1 billion pounds sterling) of digital assets, potentially marking the most important flight in the history of the cryptocurrency.
The founder of the company based in Dubai reassured users that their funds remain “safe” and that the company would compensate for those affected by the incident.
The violation involved the flight of the bybit for Ethereum digital portfolio, which is the second most precious cryptocurrency after Bitcoin.
Ben Zhou, the founder of Bybit, said that stolen funds could be reimbursed either through the company’s resources, or via a loan from its partners. The company currently manages assets totaling $ 20 billion (15 billion pounds sterling).
Bybit said that the hackers took advantage of the vulnerabilities in security protocols before transferring stolen funds to an unknown address.
After the incident, the price of Ethereum experienced a drop of about 4% on Friday, bringing its value to $ 2,641.41 (£ 2,090) per room.
This flight exceeds the previous record for the flight of cryptocurrency, which was a robbery of $ 620 million (490 million pounds sterling) involving Ethereum and USD Coin du Ronin Network in 2022.
Founded in 2018, Bybit would have attracted the first investments of notable figures, notably former American president Donald Trump and the former CEO of Paypal, Peter Thiel.
Related: Bitcoin Stocks increases while crypto gathers before the inauguration of Trump.
Exchange claims to have more than 60 million users worldwide and gives access to a wide range of cryptocurrencies.
“The appeal is solvent even if this loss of hacking is not recovered, all the assets of the customers are supported from 1 to 1, we can cover the loss,” added Mr. Zhou.
The company announced in a press release on X that it had informed the authorities concerning the incident and worked “quickly and completely” to find the pirates.
Cryptocurrencies have gained ground among investors, but they have also generated controversy, because many argue that their value is only speculative, which makes them sensitive to manipulation.
Recently, Donald Trump faced criticism for introducing his own digital currency while admitting that he “does not know much” about cryptocurrencies.
The digital part, named Trump, surfaced on its social media platforms before its inauguration and quickly became one of the most precious cryptocurrencies, although it has since experienced a significant drop in value.
This situation highlights the security problems spread on the digital currency market, which sought to regain confidence after the launch of Mr. Trump’s coins. His advisor, Elon Musk, a multimillionaire and owner of Tesla, previously expressed his support for Bitcoin.
In 2014, Cryptovirency Exchange MT. Gox declared bankruptcy after $ 350 million (210 million pounds sterling) of digital assets were stolen due to a security gap.
In 2019, pirates executed another significant cryptocurrency flight, flying for $ 41 million bitcoin in Binance exchange.
This massive flight highlights current security vulnerabilities on the cryptocurrency market, which raises concerns about the safety of digital assets. While Bybit has reassured users that their funds are secure, the magnitude of the violation highlights the need for stronger protections and regulatory surveillance.
The incident also has an impact on investors’ confidence, especially since cryptocurrencies are aimed at traditional legitimacy. The previous hacks still fresh in memory, the industry must prioritize security innovations to prevent future violations. While the authorities are studying, users and exchanges must remain vigilant, because cybercriminals continue to exploit weaknesses in this rapidly evolving financial landscape.