Dubai-based cryptocurrency exchange Bybit has suffered a significant security breach, resulting in the loss of approximately $1.5 billion worth of Ethereum. The incident occurred during a routine transfer from an offline storage (cold wallet) to an online wallet (warm wallet). Bybit's CEO, Ben Zhou, has assured customers that the company remains solvent and all client assets are backed 1:1. The exchange is collaborating with blockchain forensic experts to trace the stolen funds and has initiated a recovery bounty program, offering up to 10% of the recovered amount to ethical hackers assisting in the retrieval.

yikes, that's a huge loss! hope they get those funds back soon. props to Ben Zhou for handling it like a champ tho. keepin' my fingers crossed for all the users! 🤞