Bybit, one of the world’s largest cryptocurrency exchanges, fell victim to a significant cyberattack resulting in the theft of $1.5 billion worth of Ethereum assets.

The attack targeted a major portion of assets, primarily consisting of Ethereum (ETH) and its derivatives, with initial estimations valuing the stolen assets at $1.5 billion. Bybit’s CEO, Ben Zhou, confirmed the cyberattack through a statement on social media. Following the hacking incident, Bitcoin markets experienced a sharp decline.