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World's BIGGEST Crypto Heist: Hackers Execute Rs 13,000 Crore Ethereum Wallet Attack–All You Need To Know
Bybit, a Dubai-based crypto exchange, has suffered the biggest hack in history, with hackers stealing 400,000 Ethereum, worth $1.5 billion (Rs 13,000 crore). CEO Ben Zhou assured users their funds are safe, announcing a refund program for affected customers. Despite the loss, Zhou stated Bybit remains financially stable, with $20 billion in client assets. Ethereum's price dropped nearly 4% after the breach. This hack surpasses the 2022 Ronin Network attack, highlighting the risks in the crypto world.
The Hack at Bybit
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Dubai-based cryptocurrency exchange Bybit has experienced the largest crypto hack in history. Hackers exploited security protocols during a transaction and stole 400,000 Ethereum, worth around $1.5 billion (Rs 13,000 crore), Bloomberg reported.
Bybit CEO’s Assurance
Bybit CEO and Founder Ben Zhou reassured customers, stating that their funds remain safe. "Bybit is committed to protecting our community, and we will fully reimburse all impacted users."
Ethereum's Value Post-Hack
Ethereum, the second-largest cryptocurrency after Bitcoin, was valued at 2,641.41 dollars on the day of the hack, showing a nearly 4 per cent drop.
Bybit’s Financial Stability
Zhou confirmed Bybit holds 20 billion dollars in client assets and has over 60 million users globally. "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."
The Refund Plan
The refund program will be financed using Bybit's treasury or possibly a bridge loan from partners if needed, ensuring no loss for customers.
The Scale of the Hack
This heist surpasses the 2022 Ronin Network breach, which saw 620 million dollars stolen. Additionally, India's WazirX faced its largest crypto theft in early 2024, amounting to 234 million dollars, linked to North Korea's Lazarus group.
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