Bybit Faces Unprecedented Industry Response A major cryptocurrency exchange, Bybit, has suffered a massive security breach, leading to the theft of approximately $1.5 billion worth of Ethereum. The incident took place late Friday evening when hackers exploited a routine transfer of funds from a secure offline wallet to a daily-use wallet.

The Dubai-based platform Bybit said an attacker gained control of an Ethereum wallet and transferred its holdings to an unknown address.

Cryptocurrency exchange Bybit successfully covered its $1.46 billion loss from a recent hacker attack through a combination of loans, whale