
Cryptocurrency firm Bybit said hackers stole $1.5 billion (£1.1 billion) of digital currency in what could be the largest crypto theft in history.
The founder of the Dubai-based company told users that their funds were "safe" and that it would refund any of those affected.
He said hackers stole the Ethereum digital currency from his wallet. Ethereum is the second-largest cryptocurrency by value after Bitcoin.
Bybit founder Ben Zhou said the money could be covered by the firm or by a loan from partners.
Bybit holds $20 billion (£15 billion) in assets.
Bybit said the hackers exploited security features and then transferred the money to an unidentified address.
Following the theft, the value of Ethereum fell by around 4% on Friday, leaving it worth $2,641.41 (£2,090) per coin.
The scale of the theft would surpass a previous record, which was a $620m (£490m) heist of Ethereum and USD coins from Ronin Network in 2022.
Bybit was founded in 2018. US President Donald Trump and former Paypal boss Peter Thiel were reportedly among its early investors.
Bybit says it has more than 60 million users worldwide and offers access to various cryptocurrencies.
"Bybit is solvent even if this hack loss is not recovered, all customer assets are backed 1 to 1, we can cover the loss," Zhou added.
The company said in a post on X that it had reported the case to authorities and was working "rapidly and extensively" to identify the hackers.
Cryptocurrencies, which have become popular with investors, have sparked division as many criticize their value as being based purely on speculation, allowing their value to be easily manipulated.
Recently, Donald Trump has been criticized for launching his own digital currency, while saying he "doesn't know much" about cryptocurrency.
The digital currency called TRUMP appeared on his social media accounts before his inauguration and quickly became one of the most valuable cryptocurrencies, but has since fallen significantly in value.
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