Dubai-based cryptocurrency exchange Bybit has reported a massive security breach, with hackers stealing 1.5 billion dollars worth of digital assets which could be the biggest cryptocurrency theft in history. Bybit’s founder, Ben Zhou, assured users that company will refund all affected customers. Zhou added that the loss could be covered either by the firm’s reserves or through a loan from its partners. Bybit currently holds around $20 billion in assets. Hackers exploited Ethereum wallet The company disclosed that the hackers exploited security vulnerabilities to infiltrate Bybit’s Ethereum wallet, transferring the stolen funds to an unidentified address. Ethereum, the world’s second-largest cryptocurrency by market value after Bitcoin, saw its price drop by 4% on February 22, 2025, reaching $2,641.41 per coin following the incident. The scale of the theft surpasses the $620 million heist of Ethereum and USD Coin from the Ronin Network in 2022, which was previously the largest crypto theft on record. Company response industry concerns The firm stated on social media that it has reported the case to authorities and is working to track down the attackers. Despite the breach, Zhou reassured customers, saying:"Bybit is solvent even if this hack loss is not recovered, all client assets are backed 1:1, and we can cover the loss." The incident raises concerns about security risks in the cryptocurrency industry, which has faced repeated cyberattacks over the years. Cryptocurrency political controversies The attack also comes at a time when cryptocurrencies continue to divide public opinion. Former US President Donald Trump, who has previously distanced himself from cryptocurrency, recently launched his digital coin, TRUMP, which initially gained value but later dropped in value Nation-state hackers: The case of the Bangladesh bank heist The 2016 Bangladesh Bank heist was a well-planned cyber theft. Hackers, likely from North Korea, stole $81 million by hacking into the SWIFT banking system and sending fake money transfer requests. They timed it around bank holidays to avoid detection and laundered the money through Philippine casinos. Timing of heist calculated considering several factors.