Dubai-based exchange Bybit has fallen victim to a monumental security breach, resulting in the theft of approximately $1.5 billion worth of digital as

Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what’s estimated to be the largest crypto heist in history.

The Bybit crypto heist surpasses a previous record in 2022, when hackers drained $620m (£490m) heist of Ethereum and USD Coin from the Ronin Network. In 2019, the Binance exchange suffered another major crypto heist with hackers making off with $41 million worth of Bitcoin.

Bybit has returned to a 1:1 backing of client assets and has fully closed the “ether gap” it faced after an unprecedented $1.4 billion hack hit the exchange late Friday.

Hackers stole about $1.5bn in crypto tokens from Bybit, in a heist the digital asset exchange described as the biggest theft to hit the industry. Ethereum coins were been taken from Bybit’s offline or “cold” wallet, the exchange’s chief executive Ben Zhou said in a post on X.

Bybit replenished its $1.5 billion deficit within three days following the most significant crypto hack in history. The gap was filled using a combination of