Crypto exchange Bitby disclosed a breach that that amounts to a loss of $1.4 billion, the largest crypto theft of all time. © 2024 TechCrunch. All rights reserved. For personal use only.
Crypto exchange Bybit reported a hack, resulting in the theft of approximately $1.4 billion worth of Ethereum (401,346 ETH) from one of its offline wallets. This breach is the largest known crypto theft in history, surpassing previous records such as the $624 million hack of the Ronin Network and the $611 million Poly Network breach. Bybit's CEO, Ben Zhou, explained that the hacker gained control of a cold wallet and transferred funds to a warm wallet. The incident highlights significant security vulnerabilities in the crypto industry.
