"All client assets are one-to-one backed."
Cryptocurrency firm Bybit said hackers stole £1.1 billion worth of digital currency in what could be the biggest crypto theft in history.
The Dubai-based company’s founder told investors their funds were “safe” and promised to refund any affected.
Bybit said hackers stole from its Ethereum coin digital wallet. Ethereum is the second-largest cryptocurrency by value after Bitcoin.
Bybit’s founder, Ben Zhou, said the loss could be covered by the company or a loan from partners. Bybit holds £15 billion in assets.
The company said hackers exploited security features before transferring the money to an unidentified address.
After the theft, Ethereum’s value fell around 4% on February 21, 2025, leaving it worth £2,090 per coin.
The scale of the theft would surpass a previous record of $620m (£490m) stolen from the Ronin Network in 2022.
Bybit was founded in 2018. US President Donald Trump and former PayPal chief Peter Thiel were reportedly among its early investors.
The firm says it has more than 60 million users worldwide and offers access to various cryptocurrencies.
Zhou said: “Bybit is solvent even if this hack loss is not recovered. All client assets are one-to-one backed. We can cover the loss.”
Bybit said on X that it had reported the case to authorities and was working “quickly and extensively” to identify the hackers.
Cryptocurrencies have sparked division among investors, with critics arguing their value is based purely on speculation, making them vulnerable to manipulation.
Donald Trump was recently criticised for launching his own digital coin despite saying he “doesn’t know much” about cryptocurrency.
His digital coin, called TRUMP, appeared on his social media accounts before his inauguration.
It quickly became one of the most valuable crypto coins but has since fallen significantly in value.
The Bybit hack highlights security concerns in the digital currency market. The sector had hoped for renewed trust after Trump’s coin launch. His adviser and Tesla owner, Elon Musk, has previously endorsed Bitcoin.
In 2014, crypto exchange Mt Gox filed for bankruptcy after £210 million worth of digital currency was stolen due to a security loophole.
Arkham Intelligence linked the hack to North Korean group Lazarus, citing proof from crypto researcher ZachXBT.
The attack on Bybit resembles breaches at crypto exchange WazirX and lending protocol Radiant Capital, according to Shahar Madar, vice president of security and trust products at Fireblocks, which is assisting Bybit with its investigation.
Madar said: “Both cases ended up being attributed to North Korea.
“In all cases, these are experienced people. This points to a highly advanced attacker.”
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