Crypto Hack Steals $1.5 Billion from PayBit

In what may be the largest crypto heist in history, the cryptocurrency firm ByBit has confirmed that hackers have stolen assets valued at $1.5 billion (approximately £1.1 billion).

The breach targeted the company’s digital wallet for Ethereum, which stands as the world’s second-largest cryptocurrency by market capitalization after Bitcoin.

ByBit’s founder, Ben Chou, reassured users that their funds remain secure and that the company will reimburse affected parties using either its own resources or a loan from its partners.

With total assets valued at $20 billion, ByBit is mobilizing significant resources to address the fallout from the attack.

The hackers managed to breach ByBit’s Ethereum wallet and transferred the stolen funds to unidentified addresses, an act that contributed to a 4% drop in Ethereum’s value on Friday.

This incident sets a new record, eclipsing the previous benchmark of a $620 million theft from the Ronin network in 2022.

Founded in 2018, ByBit has rapidly become a major player in the cryptocurrency market. The company’s early backers reportedly included prominent figures such as former US President Donald Trump and ex-PayPal CEO Peter Thiel.

Meanwhile, PayPal continues to expand its access to digital currencies, serving over 60 million users worldwide and underscoring the growing influence of the digital currency sector.

This heist underscores persistent security concerns within the cryptocurrency industry. It recalls previous high-profile breaches, including the collapse of Mt. Gox in 2014—a security flaw that led to a $350 million loss—and a 2019 incident in which hackers stole $41 million in Bitcoin.

Authorities have been notified of the breach, and ByBit is conducting a rapid, extensive investigation to trace the perpetrators.