Ben Zhou, Bybit's CEO, said that the hack had affected around 401,000 Ethereum and sparked a surge in withdrawal requests.

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 experienced a significant security breach, marking one of the largest hacks in cryptocurrency history. Hackers infiltrated one of Bybit’s Ethereum (ETH) cold wallets, stealing approximately 401,

Bybit, one of the world’s largest cryptocurrency exchanges, experienced a hack Friday in which over $1.4 billion worth of crypto was stolen, according to blockchain-analytics firms. It’s the latest incident for an industry struggling with security concerns that present hurdles to mainstream adoption.

Crypto exchange Bybit said it was hacked, resulting in what analysts estimate was the loss of almost $1.5 billion worth of tokens in the biggest theft ever committed in the industry. Researchers believe North Korean hackers were likely responsible.

"All client funds are safe, and our operations continue as usual without any disruption," the company said, adding its security team, along with forensic experts, was investigating the incident

The exchange, facing a bank run and needing to process withdrawals, worked to secure a loan and developed new software to access frozen funds.