The biggest theft in the history of the currency circle! Hackers stole nearly $1.5 billion, raising doubts about cryptocurrency security.

Notice that Bybit, a globally renowned cryptocurrency exchange, has been hit by the largest-scale hacking attack in history. Analysts estimate losses close to $1.5 billion, making it the largest theft event in cryptocurrency industry history. Prior to this, the cryptocurrency industry was celebrating as Coinbase announced that the U.S. securities regulator was preparing to dismiss legal cases against the country's largest digital asset exchange. However, this joyous atmosphere did not last long. Subsequent significant price fluctuations in the market once again reminded people that this market harbors unique and ever-present risks. This has also inspired critics of former President Donald Trump's strong efforts to try to reverse his predecessor's regulatory scrutiny of the cryptocurrency industry, with the cryptocurrency industry becoming increasingly intertwined with the traditional financial system." As of press time, Bitcoin fell by 1.86%, to $96,451. It dropped nearly 3% from the day's high. According to data from blockchain analysis company Elliptic, this hacking attack has become the largest-scale cryptocurrency theft event in history, surpassing the $611 million theft suffered by Poly Network in 2021. Rob Behnke, co-founder and chairman of blockchain security company Halborn, even said that this could be "the largest event ever, not just in the cryptocurrency field." The attack occurred in an offline Ethereum wallet at Bybit, with blockchain analyst ZachXBT stating that the hacker moved about $14.6 billion in assets out of the wallet through a series of suspicious transactions. Research company Arkham Intelligence also confirmed that around $14 billion has flowed out of the exchange and posted on the platform X, saying, "These funds have started to be transferred to new addresses and sold." Bybit's CEO Ben Zhou admitted to the event on the platform X on Friday. To address customer concerns, Zhou also did a live stream, emphasizing the security of the exchange's funds and revealing that the platform has applied for a bridging loan with partners and has raised about 80% of the funds to cover the losses. At the same time, Bybit will attempt to recover the funds and take necessary legal action against the hacker. Zhou assured users in the live stream: "Your funds are safe, our withdrawal channel is still open. Following the hack, the exchange has processed more than 70% of withdrawal requests." He also stated that the exchange has not purchased any Ethereum to cover the stolen assets. Systemic risks Hilary Allen, a professor at the University of Washington Law School who researches the cryptocurrency market, said, "Relaxing regulations in the market sounds good before such attacks occur. In the short term, we see many people cheering for the relaxation of regulations. But be careful what you wish for. "Today's events show that cryptocurrencies and memes are not only highly volatile, but also susceptible to fraud and deception, as well as such hacking events, where investors' funds may be stolen," said Benjamin Schiffrin, Head of Securities Policy at advocacy group Better Markets. "We now hear Congress clearly stating that they want to provide lenient regulation for the cryptocurrency industry. I don't think lenient regulation can prevent people from suffering losses in events like today." Shuyao Kong, co-founder of blockchain startup MegaETH, commented on the news of Coinbase and Bybit: "I think the appearance of both news on the same day is a huge blow and a reminder that cryptocurrencies have significant systemic risks."