The Dubai-based cryptocurrency exchange Bybit has called on the brightest minds in cybersecurity to trace and help recover $1.5 billion worth of Ethereum, which hackers stole in what is being called the single biggest digital theft in history. According to Bybit, a hacker obtained a wallet of Ethereum, the second most popular digital currency after Bitcoin, and then transferred the content to an unknown and untraceable address.
Bybit immediately released a statement claiming that customers have nothing to worry about and that their assets are safe. At the same time, the company’s CEO took to social media and said that Bybit would refund all those affected by this digital attack, even if the stolen cryptocurrency was never recovered. Ben Zhou, Bybit’s co-founder and chief executive, said on X, “Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.” He added that the company has over $20 billion in customer assets and could recover the loss itself or by taking loans from partners.
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It is worth noting that Bybit has over 60 million customers worldwide and is the second biggest crypto exchange in the world, after Binance, in terms of trading volume. However, news said that there had been a surge in withdrawal requests after the attack. Zhou wrote that the company has received over 350,000 withdrawal requests from customers, which could lead to delays in processing.
Now Zhou has said, “Bybit is determined to rise above the setback and fundamentally transform our security infrastructure, improve liquidity, and be a steadfast partner to our friends in the crypto community.”
