The cryptocurrency world was rocked by the news of one of the largest heists in its history: hackers stole a staggering $1.5 billion from the popular exchange Bybit. This incident, reported by NBC News, is a stark reminder of the vulnerabilities that still plague the crypto industry, despite its rapid growth and technological advancements. Let’s dive into what happened, what it means for the crypto ecosystem, and how users and exchanges can better protect themselves in the future. What Happened? Bybit, a leading cryptocurrency exchange known for its derivatives trading platform, fell victim to a sophisticated cyberattack. Hackers exploited vulnerabilities in the exchange’s security infrastructure, making off with $1.5 billion in digital assets. While the exact method of the attack hasn’t been fully disclosed, such breaches often involve phishing, social engineering, or exploiting software flaws. This heist is particularly alarming due to the sheer scale of the theft. It not only ...
Emirates NBD's profit before tax climbed 15 per cent to a record Dh27.1 billion in 2024 as it expanded its regional presence and enhanced its wealth management franchise.
Dubai's largest lender said its income grew to over Dh44 billion in 2024 with the group's strategic investment in digital banking and branch network, generating significant new revenue streams. “All business units achieved an outstanding performance with Dh160 billion in new loans provided to customers, driving assets up an excellent 16 per cent as it maintained a one-third market share of UAE credit cards,” the bank said.
mirates NBD Capital, a leading investment bank for UAE IPOs, generated its highest ever revenue, during its busiest year for transactions. Emirates Islamic delivered a record profit of Dh 2.8 billion, firmly establishing itself as an Islamic banking powerhouse in the UAE, the bank said in a statement.
Branch expansion in Saudi Arabia enabled the bank's loan book to grow by a very impressive 57 per cent in 2024.
The bank achieved 30 per cent growth in Retail Banking & Wealth Management lending on the back of record levels of new acquisitions, complementing tremendous deposit success from numerous customer campaigns
Sheikh Ahmed bin Saeed Al Maktoum, Chairman, Emirates NBD, said: “We are delighted with our incredible 57 per cent loan growth in the Kingdom of Saudi Arabia in 2024, driven by our expanded network of 21 branches and 62 dedicated ATMs. Our international expansion story is one of growth, diversification and resilience, leveraging our unique proposition to expand our footprint across the MENAT region and beyond.”
Sheikh Ahmed said Dubai's GDP is projected to grow 5.0 per cent in 2025, driven by expansion in key sectors including infrastructure, transport, hospitality and logistics, and Emirates NBD stands ready to continue driving UAE and regional growth. “In light of the Group's excellent performance, we are proposing a 100 fils dividend.”
Hesham Abdulla Al Qassim, vice chairman and managing director of the bank, said income grew to over Dh44 billion in 2024 as the group's strategic investment in digital banking and regional expansion generates new revenue streams. Almost 98 per cent of customers are now onboarded digitally, with Private and Priority Banking offering a market-leading product range to a growing affluent population.
Al Qassim said all business units achieved an outstanding performance with record retail lending, a one-third market share of UAE credit card spend and corporate originating Dh88 billion of gross new loans, two-thirds of which is to the private sector, as it leverages the Group's regional presence.
He said Emirates NBD Capital, the number one investment bank for UAE IPOs, generated record revenue as it priced over 100 sukuks and bonds for clients and led many of the nation's IPOs. Emirates Islamic delivered a record profit of Dh2.8 billion with very strong Customer Financing growth of 31 per cent in 2024, becoming an Islamic banking powerhouse in the UAE.
Shayne Nelson, group chief executive officer, said the bank's record income and profit is a direct benefit of successfully harnessing key growth areas, including private banking, wealth management, escrow, regional corporate growth and investment banking.
“Our enhanced Digital Wealth platform propelled assets under management beyond $44 billion, with digital wealth transactions up nine-fold in 2024. Emirates NBD has the highest number of LEED Platinum certified branches of any bank globally and is recognised as the leading bank in the region for sustainable solutions,” said Shayne.
He said the bank is employing Generative AI to identify Trade opportunities, expand merchant acquiring prospects through data mining and screen transactions using machine-learning based alerts. “Emirates NBD's investment in digital and expanded network positions it perfectly to benefit
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