The cryptocurrency exchange Bybit lost $1.5 billion (£1.2 billion) in a big hack. They have asked for help from smart people in cybersecurity to get the money back.
A hacker took control of an Ethereum wallet and sent the money to a place they do not know. Bybit told its customers that their money is safe.
Ben Zhou, the CEO of Bybit, said on social media that Bybit will refund everyone affected, even if they cannot get the stolen money back.
“Bybit is not in debt. We can cover the loss. All customer assets are safe,” he said. Bybit has $20 billion in customer assets.
After the news of the hack, more than 350,000 customers asked to withdraw their funds. This may cause delays.
Bybit said the hack happened during a normal transfer of Ethereum. All other wallets are safe.
After the news, the price of Ethereum fell but has almost returned to normal.
Bybit hopes to find the lost money and is offering a reward of 10%. They are ready to improve their security.
Vocabulary List:
- Cryptocurrency /ˌkrɪp.toʊˈkʌr.ən.si/ (noun): A digital or virtual currency that uses cryptography for security.
- Exchange /ɪksˈtʃeɪndʒ/ (noun): An organization or platform for buying and selling financial instruments.
- Cybersecurity /ˌsaɪ.bɚ.sɪˈkjʊr.ɪ.ti/ (noun): The practice of protecting systems networks and programs from digital attacks.
- Refund /rɪˈfʌnd/ (verb): To pay back money typically to a customer for a returned item or service.
- Loss /lɔːs/ (noun): The state of no longer having something or of having less of something.
- Delay /dɪˈleɪ/ (noun): The action of delaying something or the state of being delayed.
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