Bybit Reports $1.5 Billion Ether Wallet Breach but Assures Client Funds Remain Safe

Cryptocurrency exchange Bybit announced on Friday that an attacker had gained control of one of its ether wallets, transferring approximately $1.5 billion worth of assets to an unknown address.

Despite the significant breach, Bybit CEO Ben Zhou confirmed that the compromised wallet was the only one affected, with all other wallets on the exchange remaining secure. In a post on X, Zhou reassured users that withdrawals were functioning normally and that the incident had not disrupted operations.

"All client funds are safe, and our operations continue as usual without any disruption," Bybit stated, emphasizing that its security team, in collaboration with forensic experts, is actively investigating the attack.

Bybit, which serves over 60 million users worldwide, provides access to multiple cryptocurrencies, including bitcoin and ether. Despite the scale of the breach, the company maintains that its financial stability remains intact.

"Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss," Zhou assured.

As the investigation into the attack continues, Bybit remains committed to maintaining its security infrastructure and ensuring the protection of client assets.

By fLEXI tEAM