Hacking incidents involving cryptocurrency-related businesses have surged in recent years. In a related instance, a hacker gained access to the Bybit cryptocurrency exchange's system and took approximately $1.5 billion worth of cryptocurrency. The cryptocurrency market has been significantly impacted by this as well. As a result, many cryptocurrencies, including Bitcoin, have seen a decrease.
This is referred to as the largest cryptocurrency theft
This is referred to as the largest cryptocurrency theft. The cryptocurrency market has declined as a result of this. The price of Bitcoin, the biggest cryptocurrency by market value, dropped by around 2% to $96,462. The Bybit hack resulted in the theft of ether. As a result, Ether's price has dropped by over 2.40 percent. The price of Ether on the global cryptocurrency platform Binance was approximately $2,694 at the time this story was published, representing a 2.42 percent decrease.
Ben Zhou, the CEO of Bybit, reported that the hacker had gained access to one of the offline Ethereum wallets used by the exchange. It is unknown, therefore, how much the exchange lost overall as a result of this hack. About $1.5 billion could be lost by Bybit. The stolen cryptocurrency is now being sold by the hacker. The bitcoin is being moved to a new address in order to be sold.
ByBit recently announced that it had settled a fine in India totaling over Rs 9 crore. ByBit was fined by the Financial Intelligence Unit (FIU) for breaking the regulations. Additionally, this cryptocurrency exchange has registered with the FIU. All cryptocurrency companies operating in the nation are required to register with the FIU.
Customers throughout the nation were notified by ByBit that the company was temporarily discontinuing its services. Following this, the FIU notified the exchange that it would be required to pay a fine of around Rs 9.27 crore for violating the Prevention of Money Laundering Act (PMLA). According to ByBit, it has settled the regulatory shortcomings and paid the fee. This cryptocurrency exchange was founded in 2018 and is situated in Dubai. According to ByBit, it has over 40 million users across numerous nations.
customers' fund in exchange is safe
Customers' cryptocurrency assets with the exchange are safe, the corporation tried to reassure them. According to the corporation, withdrawal requests have increased since the theft was made public, and processing them could take longer than expected.
Ben Zhou, the CEO of Bybit, stated on social media that his business will continue to be solvent even if the compromised cryptocurrency was not given back. We can make up for the loss, he remarked.
As of 1:19 PM on February 22, 2025, the price of Ethereum, the second-largest cryptocurrency in the world, had dropped 2.46% over the previous day, according to a number of websites that follow cryptocurrency prices. The current price is $2689.21.
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