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

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.

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.

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.