Bybit, one of the world’s major cryptocurrency exchanges, has confirmed it was targeted in a sophisticated cyberattack, resulting in the theft of approximately $1.5 billion worth of digital assets. The incident marks one of the largest crypto thefts in history.

In a statement released Friday, Bybit revealed that a routine Ethereum transfer between digital wallets was manipulated by an attacker, who successfully diverted the funds to an unidentified address.

Despite the massive breach, Bybit reassured customers that their funds remain secure. However, the news of the hack triggered a surge in withdrawal requests, leading to potential delays in processing transactions.

Bybit CEO Ben Zhou took to social media to address concerns, stating that the exchange remains financially stable, even if the stolen assets are not recovered.

“We can cover the loss,” Zhou stated, emphasizing that the company’s operations would continue as normal.

Cryptocurrency thefts have become a major target for cybercriminals, particularly state-backed hacking groups.

North Korean hackers have been linked to several high-profile crypto heists, including a $308 million attack on a Japanese crypto firm in December 2023. The FBI, the U.S. Defense Department, and Japan’s National Police Agency jointly attributed that theft to North Korea’s cyber warfare operations.

Bybit has not yet disclosed who might be behind the attack, but authorities and cybersecurity experts are actively investigating. The breach underscores ongoing security challenges in the crypto industry, as exchanges remain prime targets for increasingly sophisticated cyber threats.