Crypto exchange Bybit says it was hacked and lost around $1.4 billion

Quick Summary:

In one post, Zhou wrote that the company is “solvent” and “can cover the loss” even if it can’t recover the stolen funds.

Bybit, which is based in Dubai, United Arab Emirates, had an estimated total assets of $16 billion as of last week, according to CoinMarketCap.

Bybit’s chief executive and co-founder Ben Zhou said in a livestream that the hackers stole around 401,346 ETH, which at the time of the theft amounts to about $1.4 billion.

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Article Details

Author / Journalist: Lorenzo Franceschi-Bicchierai

Category: Technology

Markets: United StatesFranceIraqUnited Arab Emirates

Topics: Crypto Cryptocurrency Crypto Bybit Ethereum Security

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-21 @ 18:00:33 (22 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 378 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 26322031

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