Financial Crime Weekly: $1.4 Billion Ethereum Stolen In Largest Crypto Hack Ever, SEC Creates Cyber And Emerging Technologies Unit

$1.4 Billion Ethereum Stolen In Largest Crypto Hack In History

Cryptocurrency exchange Bybit suffered a major breach on Friday which resulted in the theft of $1.4 billion Ethereum (CRYPTO: ETH). The incident is considered the largest cryptocurrency hack in history, surpassing the 2021 Poly Network hack of $611 million. 

The attack, which targeted Bybit’s Ethereum cold wallet, resulted in the loss of 401,347 ETH ($1.12 billion), 90,376 stETH ($253 million), 15,000 cmETH ($44 million), and 8,000 mETH ($23 million), according to Onchain Lens.

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Following the discovery of the theft, Bybit launched a recovery bounty program with a reward of up to 10% of the recovered funds to ethical cyber and network …

Full story available on Benzinga.com