Bybit, a prominent cryptocurrency exchange, has reached out to top cybersecurity experts in a bid to recover $1.5 billion (£1.2 billion) lost in what is believed to be the largest digital theft ever recorded.

Based in Dubai, the cryptocurrency platform reported that a malicious actor gained access to a wallet containing Ethereum—one of the leading digital currencies after Bitcoin—and subsequently transferred the funds to an unidentified address.

In a swift response, Bybit assured its users that their digital assets remained secure, with the CEO announcing via social media that the platform would compensate all affected users, regardless of whether the stolen currency is reclaimed.

“Bybit remains financially stable, even if we do not recover from this incident. Every client’s assets are fully backed 1-to-1, and we can absorb the loss,” stated Ben Zhou, Bybit’s co-founder and CEO, on X.

He further revealed that Bybit manages $20 billion in customer assets, enabling the company to cover any losses through its own resources or loans from strategic partners.

With over 60 million global users, Bybit ranks as the second-largest cryptocurrency exchange by trading volume. However, the revelation of the hack triggered a wave of withdrawal requests from customers.

Zhou noted that the exchange had processed upwards of 350,000 withdrawal requests from users, potentially resulting in delays.

The breach reportedly occurred during a standard transfer of Ethereum from an offline cold wallet to a warm wallet essential for daily trading activities. The attacker exploited vulnerabilities in security protocols to execute the transfer. Zhou confirmed that all other wallets on the platform remained secure.

In the aftermath of the hack, the price of Ethereum experienced a nearly 4% drop on Friday but has since approached its previous value.

To assist in recovering the stolen assets, Bybit is calling upon “the brightest minds in cybersecurity and crypto analytics” and is offering a reward of 10% of any recovered funds, which could amount to $140 million if the entire stolen sum is returned.

Zhou emphasized, “Bybit is committed to overcoming this challenge and plans to fundamentally enhance our security systems, boost liquidity, and remain a reliable ally in the crypto community.”

This incident poses a significant challenge to the cryptocurrency sector, which has recently shown signs of recovery, partly due to Donald Trump’s return to the presidency and his ambition to establish the US as the “crypto capital of the world” with more relaxed regulations.

Although the identity of the perpetrator remains undisclosed, some reports speculate that the attack may be attributed to North Korean state-sponsored hackers, such as the Lazarus Group, known for previous notable thefts, including the $615 million heist from the Ronin Group blockchain project back in 2022.