Bybit has already paid more than $4 million to bounty hunters who helped trace and freeze some of the stolen funds.

Bybit, one of the world’s largest cryptocurrency exchanges, experienced a hack Friday in which over $1.4 billion worth of crypto was stolen, according to blockchain-analytics firms. It’s the latest incident for an industry struggling with security concerns that present hurdles to mainstream adoption.

According to Bybit's holdings, that amounts to $1.5 billion in cryptocurrency that was stolen from Bybit and its customers, making this the largest ever cryptocurrency theft. However, as Molly White of Web3IsGoingGreat points out, the hacker can't exactly cash out $1.5 billion in Ethereum, because an amount that high would crash the value of ETH.

Crypto exchange Bybit said it was hacked, resulting in what analysts estimate was the loss of almost $1.5 billion worth of tokens in the biggest theft ever committed in the industry. Researchers believe North Korean hackers were likely responsible.

Less than 72 hours later, Zhou said Bybit had restored the exchange’s balance and kept customer withdrawals open, although he did not account for the stolen crypto. The scale of the Bybit theft surpasses the previous record of a $615 million heist of Ethereum and U.

On today's episode of CNBC Crypto World, crypto prices slip after a record-breaking hack of crypto exchange Bybit. Plus, Robinhood says the SEC has dismissed its investigation into the platform's crypto arm as the agency pivots to more crypto-friendly policy.

Bybit CEO Ben Zhou announced that the exchange has fully recovered its Ethereum (ETH) reserves following a massive $1.5 billion exploit on February 21. He confirmed that a new audited Proof of Reserves (POR) report will soon be released to prove that client assets are once again backed 1:1.