Bybit was exploited for over $1.4 billion Friday, rocking the crypto industry to the core, as it easily became the largest single heist in crypto history.

Bybit has returned to a 1:1 backing of client assets and has fully closed the “ether gap” it faced after an unprecedented $1.4 billion hack hit the exchange late Friday.

After suffering a $1.4 billion hack, Bybit recovered $700 million worth of Ethereum within 48 hours through OTC deals and loans while implementing a bounty program to retrieve the remaining stolen funds.

Major cryptocurrency exchange Bybit has seen total outflows of over $5.5 billion after it suffered a near $1.5 billion hack that saw hackers,

Ben Zhou, Bybit's CEO, said that the hack had affected around 401,000 Ethereum and sparked a surge in withdrawal requests.

Bybit, a major cryptocurrency exchange based in Dubai recently announced it had been hacked, losing $1.5 billion worth of the cryptocurrency Ethereum in the largest cryptocurrency theft of all time. Putting it into perspective,

Cruel hackers have stolen over £1billion in cryptocurrency in what has been described as the "worst hack in history". Dubai-based Bybit exchange revealed that a hacker took control of an Ethereum wallet and transferred its assets to an anonymous address.