The chief executive of Dubai-based cryptocurrency exchange Bybit has guaranteed that client funds are safe and available for withdrawal, despite the company suffering a sophisticated hack that is believed to be the largest in crypto history.
Bybit was hit by a cyber attack on Friday, in which 401,000 Ethereum worth more than $1.5 billion was stolen.
The brazen crime was carried out through a "manipulation of the transfer process, during a planned routine transfer" on one of its cold wallets, the company said.
A cold wallet is cryptocurrency storage that is not connected to the internet, shielding it from the possibility of theft or hacks.
Ben Zhou, who is also co-founder of the exchange, said in a livestream that Bybit has secured a bridge loan from its partners, which has enabled it to secure nearly 80 per cent of the stolen Ethereum.
"We are not buying Ethereum, we are relying on a bridge loan; even if we want to buy it's too big of an amount to be moving around," Mr Zhou said.
"We are getting help and support from our partners [to] help us with the liquidity crunch so we can pass this crucial period."
He added that none of Bybit's other cold wallets were affected.
"Luckily it was only our Ethereum cold wallet that was compromised so we are able to cover this with our treasury, if that is the worst case scenario," Mr Zhou said.
"Even the Bybit treasury [that was hacked], we can cover that, so no matter what we will make sure the clients' money is safe."
Other tokens such as Bitcoin, Bybit's major reserve, and USDT are unaffected.
Client withdrawals remain active, although Mr Zhou admitted that some transactions may take some time as Bybit goes through "regular checks, but we are aiming at processing all the withdrawals". As of his stream, 70 per cent of withdrawals have been processed.
Bybit will seek "legal and police support to recover these funds but if worse comes to worst our clients' funds are not going to suffer; we will cover it with our company treasury", Mr Zhou said.
"Even if we are experiencing a bank run, it's not an issue, we have enough tokens to clients for withdrawals."
The National has reached out to Bybit for further comment.
The cryptocurrency industry has struggled with a spate of challenges and, increasingly, has become a target for cyber criminals who want to cash in on the lucrative sector that continues to grow in adoption.
Notably, regulators have attempted to establish some control over the industry amid questions over how the sector operates and the opportunity for cyber thieves to exploit it.
About $2.2 billion was stolen from crypto platforms in 2024, latest data from blockchain company Chainalysis shows.
Bybit is the latest to fall victim and is very noteworthy: the value of crypto stolen from the company more than doubled the $625 million lost by Ronin Network in 2022.
Other hacks above the half-billion mark include Poly Network's $611 million in 2021, Binance BNB Bridge's $569 million in 2022 and Coincheck's $532 million in 2018.
The first major crypto hack was the 2011 attack on Mt Gox, in which it lost $473 million, while FTX, whose founder Sam Bankman-Fried was in 2024 sentenced to 25 years in prison for its collapse, lost $477 million in 2022 – a day after it filed for bankruptcy.
Crypto exchange Bitget, meanwhile, said that its security and research team is helping Bybit in "tracking these activities" related to Friday's hack.
"If we make any significant findings, we will share an analysis of this incident and what industry can do to avoid similar issues," Bitget chief executive Gracy Chen said on Saturday.
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Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
Killing of Qassem Suleimani
Global state-owned investor ranking by size
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UAE currency: the story behind the money in your pockets
In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
RESULTS
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
