The world's second-largest crypto exchange Bybit suffered an exploit Friday that saw it drained of about $1.4 billion worth of ethereum and staked ether.

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.

The $1.4 billion hack is the largest in the history of the crypto industry. It dwarfed previous thefts, including the $615 million hack of the Ronin network in 2022 and the $613 million hack of the Poly network in 2021. The largest single hack from last year targeted a Japanese crypto exchange called DMM Bitcoin, which lost more than $300 million.