### Hackers Steal $1.5 Billion in Largest Crypto Heist Ever
An astonishing **$1.5 billion** has been taken from Bybit, one of the premier cryptocurrency exchanges globally, marking it as the most significant crypto theft to date.
On Friday, Bybit co-founder and CEO **Ben Zhou** disclosed that cybercriminals had infiltrated the exchange’s **Ethereum (ETH) wallet**, redirecting all its assets to an unidentified wallet address.
#### A Record-Breaking Crypto Theft
The assets stolen from Bybit, estimated at **$1.5 billion**, constitute over half of all crypto thefts recorded in 2024. As per a **Chainalysis** report, a cumulative total of **$2.2 billion** has been pilfered from cryptocurrency platforms this year. Nevertheless, as **Molly White** from *Web3IsGoingGreat* noted, cashing out such a considerable sum would be difficult for the hacker without drastically affecting Ethereum’s market price.
#### Bybit Promises to Cover Losses
In spite of the substantial breach, Zhou reassured users that Bybit continues to maintain its financial stability. In a statement on **X (formerly Twitter)**, he mentioned that all client assets are **entirely backed 1:1**, and the exchange will compensate for any losses incurred.
> “Bybit is solvent even if this hack loss is not recovered. All client assets are 1-to-1 backed, and we can cover the loss,” Zhou mentioned.
To reassure its clientele, Bybit has committed to **refunding** any lost holdings. However, the breach has already caused a dent in trust in the platform, prompting a spike in withdrawals. Reports indicate that **$5.3 billion** was withdrawn from Bybit just on **Saturday night**.
#### Bybit Takes Action to Recover Funds
Bybit, which manages **$20 billion** in crypto assets, has already initiated measures to recover from the breach. Zhou revealed that the company had **filled the financial void** created by the theft through **loans, whale deposits, and ETH purchases**.
In a bid to reclaim the stolen assets, Bybit has introduced a **bounty program**, offering a reward of **up to 10%** of the stolen total—potentially **$140 million**—for leads that could help in recovering the assets.
> “Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is calling on the brightest minds in cybersecurity and crypto analytics to join the global hunt for the perpetrators of crypto’s largest theft in history,” the company announced.
It remains to be seen if the stolen funds will be retrieved, but Bybit is diligently working to track down the hackers and restore faith in its platform.