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“This incident is almost certainly the single largest known theft of any kind,” says Tom Robinson, the consultancy’s chief scientist. “Before Bybit, that record was held by Saddam Hussein, who took $1bn from the central bank of Iraq in Baghdad on the eve of the 2003 Iraq war. The Binance theft is more than six times larger.”
Phil Larratt, a senior director at the consultancy, says the thieves will now try to convert the crypto into fiat money in a process that “takes weeks and months, if not years”.