Cryptocurrency exchange says it was victim of US$1.5 billion hack

A man uses the Ethereum ATM, beside a Bitcoin ATM, in Hong Kong on May 11, 2018. (THE CANADIAN PRESS/AP, Kin Cheung)

A major cryptocurrency exchange says it was the victim of a sophisticated hack that stole about US$1.5 billion worth of digital currency, marking one of the biggest online thefts of all time.

Bybit said Friday that a routine transfer of Ethereum, one of the most popular cryptocurrencies, between digital wallets was “manipulated” by an attacker who transferred the crypto to an unidentified address.

The company sought to reassure customers that their cryptocurrency holdings with the exchange were safe. The company added that news of the hack had led to a surge in withdrawal requests and there could be delays in processing them.

Ben Zhou, Bybit’s CEO, said on social media that his company would remain solvent even if the hacked crypto wasn’t recovered.

“We can cover the loss,” he said.

Stealing cryptocurrencies is a favorite tactic of hackers. North Korean state hackers, in particular, have been linked to several high-dollar crypto thefts in recent years. In December, the FBI, the Defense Department and National Police Agency of Japan issued a joint statement blaming North Korean hackers for the theft of $308 million from a Japanese crypto firm.

Associated Press, The Associated Press