Bybit hacked while a listed South-African company starts to buy Bitcoin
Last Updated on 22 February 2025 by CryptoTips.eu
Bybit admitted late yesterday afternoon that it had fallen victim to a hack in which criminals were able to steal around 1.4 billion dollars (which would make it the largest crypto hack in history). Meanwhile, a company in South Africa is starting to copy Michael Saylor’s strategy and decided to simply purchase Bitcoins with all reserve funds available as from now.
Bybit Hack
It has been a while since a major crypto platform was hacked, but according to the latest reports, the record for 2025 is in the name of an unknown hacker who stole around $ 1.4 billion worth of Ethereum from Bybit, normally one of the more secure platforms.
Bybit was founded in 2018 and has since grown to become one of the largest crypto exchanges in the world. Today, more than $36 billion is traded in crypto on a daily basis on Bybit.
Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.
— Ben Zhou (@benbybit) February 21, 2025
Bybit CEO Ben Zhou admitted yesterday evening that his platform had fallen victim to a hack but assured everyone that the platform was 100% solvent. We will probably find out more details in the coming days. Crypto analysts already believe the North Korean Lazarus group is responsible for the hack.
The #Bybit hack has just come to light, and there are whispers that Park Jin Hyok might be behind it.
— Swedegonecrypto (@SwedeCallsX0) February 22, 2025
Here’s a simple breakdown of what could be the biggest crypto hack ever 🧵👇
(1/7) pic.twitter.com/rgZWvQVeRz
South-Africa
In more and more of the world’s largest economies, there is a company that is changing its business plan to simply purchase Bitcoins. In the United States this is Michael Saylor’s MicroStrategy (now Strategy), in Japan it is MetaPlanet and in China it is cloud computing company SOS Ltd.
The acceptance of Bitcoin as a strategic reserve is growing every day. As of this week, there is also a listed South African company that is following suit.
Altvest Capital, a South African investment firm, has just announced its first investment in Bitcoin as a reserve asset. This strategy aims to “strengthen the company’s financial resilience, preserve shareholder value and gain exposure to the world’s most recognized decentralized digital assets,” according to the press release.
