The Federal Bureau of Investigation (FBI) asked for crypto industry help in tracking and blocking transactions intended to launder the $1.5 billion stolen from Bybit by North Korean hackers.

Bybit, one of the world’s largest cryptocurrency exchanges, experienced a hack Friday in which over $1.4 billion worth of crypto was stolen, according to blockchain-analytics firms. It’s the latest incident for an industry struggling with security concerns that present hurdles to mainstream adoption.

According to Bybit's holdings, that amounts to $1.5 billion in cryptocurrency that was stolen from Bybit and its customers, making this the largest ever cryptocurrency theft. However, as Molly White of Web3IsGoingGreat points out, the hacker can't exactly cash out $1.5 billion in Ethereum, because an amount that high would crash the value of ETH.

Less than 72 hours later, Zhou said Bybit had restored the exchange’s balance and kept customer withdrawals open, although he did not account for the stolen crypto. The scale of the Bybit theft surpasses the previous record of a $615 million heist of Ethereum and U.

Bybit CEO Ben Zhou announced that the exchange has fully recovered its Ethereum (ETH) reserves following a massive $1.5 billion exploit on February 21. He confirmed that a new audited Proof of Reserves (POR) report will soon be released to prove that client assets are once again backed 1:1.

After exchange operator loses ether from a cold wallet in a North Korea-linked attack, bitcoin and ether fall as industry enthusiasm wanes.

The post Bybit suffers biggest-ever crypto heist valued at $1.5 billion dollars appeared first on Android Headlines.