Former sponsor Red Bull F1 is involved in a $ 1.5 billion encryption theft

The well -known digital assets have been exchanged, and Bybit has recently been a victim of one of the largest electronic thefts in the history of the encrypted currency. The infiltrators were able to steal about $ 1.5 billion of distinctive codes for encryption, making this incident another issue in an already tenth industry with security challenges.

Bybit, the former sponsor of Red Bull Racing, faces the arduous task of recovering and compensation for losses.

Pros began to be the purification industry in the height when he became a major sponsor of the Red Bull race between 2022 and 2024. The sponsorship was estimated at about $ 150 million, which led to the establishment of a major player not only in the encryption market but also as a strong brand in Formula 1.

However, the partnership ended in early 2025, just weeks before this theft was shaken. In the wake of the departure of bybit, Red Bull Racing quickly replaced with another encryption partner, gate.io. Crypto care in F1 is still widespread, as Crypto.com is a major sponsor for Formula 1 itself.

Bybit, which was established in 2018, based in Dubai, is average more than $ 36 billion in trading per day. Despite this great presence in the market, Bybit does not work in the United States, and chooses to focus its efforts in the international market.

According to the Financial TimesThe last theft has seen large quantities of ETHEREUM coins that were stolen from the cold Bybit portfolios, which are believed to be safer than the hot portfolio used for transactions. Ben Chu, BYBIT CEO, shared his concerns about the size of this breach.

“As we know, this could be the biggest penetration in the history of our industry,” Zhu commented on the accident.

Despite the impact of theft, bybit is reassuring its users. After the violation, an increase in withdrawals was seen, but this later was settled. Bybit plans to take out a bridge loan from its partners to compensate users for any losses that have not been resolved.

Bybit’s Hack brings previous major electronic accidents, such as MT Gox loses 8.75 million dollars The value of the encrypted currency in 2011. Likewise, Binance witnessed a loss of $ 570 million Due to the weakness in a smart contract in October 2022.

The Arkham Intelligence Research Group has played a role in monitoring the BYBIT, as it saw a movement of $ 1.36 billion in Ethereum, leaving in various accounts as it was quickly sold. This violation made it clear that even the cold wallets, which require multiple signatures of transfers, are not infallible.

Safety is still a source of urgent anxiety, which prompted the industry personality Dennis Denklimer, CEO of the Midas trading application, to invite strong market regulations and enhance safety frameworks for the encrypted currency.

“This recent exploitation of $ 1.4 billion on Beetb represents a major blow to the industry and a reminder that we need real improvements,” he said. American banking.

Theft also had immediate effects on the values ​​of the cryptocurrency. After the theft, Ethereum witnessed a 6 % decrease. Market fluctuations like this is common after violations, especially of this size.