Record $1.5 billion crypto heist hits exchange, Ethereum reserves drained

Bybit, a Dubai-based crypto exchange, fell victim to hackers who stole $1.5 billion in Ethereum, the largest crypto heist to date, from its cold wallet. CEO Ben Zhou reassured users that funds were secure and would be reimbursed, even if Bybit’s $20 billion in client assets may be affected. The stolen crypto was traced to the Lazarus Group, prompting blockchain firms to flag the thief’s wallets and causing customer withdrawals amid fears of insolvency, though Bybit maintains solvency and operational services.

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