In what is dubbed the largest crypto heist in history, Dubai-based cryptocurrency exchange Bybit got hacked. Per the company, hackers stole $1.5 billion worth of Ethereum (ETH). Attackers transferred a large chunk of crypto to an unidentified address by exploiting security protocols that compromised an offline wallet containing ETH. The hackers stole 400,000 ETH, which is the second largest crypto currency in the market after Bitcoin.
However, in a dramatic turn of events, the company recovered the ETH. “Business as usual,” Bybit tweeted after successfully recovering the stolen cryptocurrencies. The company also announced that it will pledge 10% of recovered funds as a reward for ethical cyber and network security experts who play an active role in retrieving the stolen cryptocurrencies in the incident.” Co-founder and CEO Ben Zhou remarked on X/Twitter that the company is overwhelmed by the tremendous support from partners and the industry friends during the critical hour, even as the crypto industry at large came together to help recover the funds. In another tweet, Zhou stated that the company is coordinating with
For a detailed analysis of how the hack happened, check the following Twitter thread.
Memes poured in even as users expressed their concerns over the heist. A majority of the crypto community lauded the efforts of the industry in pooling in its resources together to undo the damage done by the heist.
See Also: Crypto Scammers Are Using Elon Musk’s DOGE To Defraud People
See Also: British Right Wing Account Behind Racist Tweets Exposed As Indian Crypto Scammer? Internet Turns Sherlock
See Also: ‘Crypto Queen’ Ruja Ignatova Declared Most Wanted By FBI For Defrauding Victims Of $4 Billions In Ponzi Scam
See Also: US Siblings Duped Over 20,000 Investors Of $124 Million In Crypto Scam
See Also: ‘Ghar Aaoge Toh Momos Lete Aana’ Girl Trolls Scammers Posing As Cops On Call; The Internet Is In Splits
Cover: Illustrative / Pexels
