Crypto exchange Bybit has reported that hackers have stolen nearly $1.5 billion in Ethereum (ETH) from one of its cold wallets.
In a post on X, Bybit stated that a "sophisticated attack" allowed the perpetrators to gain control of the affected ETH cold wallet and transfer its contents to an "unidentified address."
Bybit CEO Ben Zhou revealed in a livestream that approximately 401,346 ETH, valued at over $1.4 billion, has been stolen, marking it as the largest known crypto theft in history.
According to etherscan, a significant portion of the stolen ETH has already been liquidated on decentralized exchanges.
Zhou reassured users on X, stating: "Please rest assured that all other cold wallets are secure. All withdrawals are NORMAL." He added that "Bybit is solvent even if this hack loss is not recovered; all clients’ assets are 1-to-1 backed, and we can cover the loss."