Bybit suffered one of the largest crypto thefts in history, with $1.5 billion stolen from its cold wallet during a routine transfer. The hack triggered a surge in withdrawals, as users feared Bybit might not recover. The crypto market also reacted negatively, with Ethereum dropping 6.7% and Bitcoin falling 3%.

While 20th-century heists involved scoping out a location, recruiting a person on the inside and having a daredevil getaway driver waiting outside, the 21st-century version looks more like what Bybit experienced today.

Crypto traders woke up to big wins and bigger losses on Friday. Just as Coinbase celebrated the SEC dropping its lawsuit, Bybit got drained of $1.5 billion, the biggest crypto theft ever recorded. The Dubai-based exchange,