Bybit has already paid more than $4 million to bounty hunters who helped trace and freeze some of the stolen funds.

The world's second-largest crypto exchange Bybit suffered an exploit Friday that saw it drained of about $1.4 billion worth of ethereum and staked ether.

Less than 72 hours later, Zhou said Bybit had restored the exchange’s balance and kept customer withdrawals open, although he did not account for the stolen crypto. The scale of the Bybit theft surpasses the previous record of a $615 million heist of Ethereum and U.

Lazarus Group, hackers based in North Korea, tricked Bybit CEO Ben Zhou into approving a transfer of 400,000 ethereum tokens from his company's cold wallet.

Still, valued at $1.5 billion, the Bybit heist would make up more than half of the total amount of crypto stolen in 2024, according to a report from Chainalysis last year. The Cha

On today's episode of CNBC Crypto World, crypto prices slip after a record-breaking hack of crypto exchange Bybit. Plus, Robinhood says the SEC has dismissed its investigation into the platform's crypto arm as the agency pivots to more crypto-friendly policy.

Bybit CEO Ben Zhou announced that the exchange has fully recovered its Ethereum (ETH) reserves following a massive $1.5 billion exploit on February 21. He confirmed that a new audited Proof of Reserves (POR) report will soon be released to prove that client assets are once again backed 1:1.