Bybit Loses $1.5B in Hack but Can Cover Loss, CEO Confirms

Cryptocurrency exchange Bybit faced a significant security breach with $1.46 billion in suspicious outflows, marking potentially the largest crypto hack in history. The incident involved the transfer of 401,346 ETH and other staked ether variants to a new wallet, which is now liquidating assets on decentralized exchanges. CEO Ben Zhou confirmed the hack while assuring that other cold wallets remain secure and withdrawals are functioning normally.