Attackers managed to access a secure, offline digital storage unit containing Ethereum. Early Friday, they extracted a substantial sum, specifically 400,000 ETH.
Ethereum, ranked second only to Bitcoin in cryptocurrency market capitalization, experienced a downturn following the security breach. Its value stood at USD 2,641.41 on Friday, reflecting a decrease of almost four percent.
Bybit’s representative, Zhou, affirmed that the company safeguards USD 20 billion in customer assets. He guaranteed that any funds not successfully recovered would be compensated either from the company’s internal financial reserves or through a temporary loan secured from collaborating partners.
The identities of those responsible are currently unknown. However, the magnitude of this theft surpasses any prior incidents, overshadowing the USD 620 million pilfered from the Ronin Network in 2022, involving both Ethereum and USD Coin. That previous incident was reportedly attributed to the Lazarus group, allegedly connected to North Korea.
Established in 2018, Bybit’s early investors included notable figures such as Peter Thiel, a well-known associate of Donald Trump, as indicated by Pitchbook data.