Back to all hospitality news

IHG’s Haitham Mattar on why the Middle East remains hospitality’s strongest bet

IHG Hotels & Resorts’ MD for India, Middle East & Africa discusses how geopolitical shifts are reshaping travel demand, why the GCC continues to defy global headwinds, and where IHG sees its strongest growth

Neesha Salian
Neesha Salian

12 August, 2026

IHG’s Haitham Mattar on why the Middle East remains hospitality’s strongest bet
Image: Supplied

TT

16

The Middle East has become one of the most closely watched hospitality markets in the world, a region that keeps drawing tourists, business travellers and investors even as global uncertainty tests demand elsewhere. For IHG Hotels & Resorts, one of the sector’s largest operators, that resilience is both an opportunity and a test of strategy.

Few people are better placed to read the region’s direction than Haitham Mattar, MD, India, Middle East & Africa at IHG Hotels & Resorts. With more than 37 years of experience in global destination and hospitality management and marketing, Mattar has helped shape destination strategies on both sides of the equation, as CEO of Ras Al Khaimah Tourism Development Authority and as a senior advisor to Saudi Arabia’s tourism ambitions, before returning to lead IHG’s growth across a portfolio of more than 224 hotels and a pipeline of over 245 properties in 2021.

In this conversation with Gulf Business, Mattar discusses how geopolitical shifts are reshaping travel demand, why the GCC continues to defy global headwinds, and where IHG sees its strongest growth. He also reflects on the forces redefining the guest experience, from artificial intelligence and sustainability to changing expectations of what a hotel should be, and shares the lessons from destination-building that now guide the group’s expansion across the region.

Geopolitical developments have influenced travel patterns and investor sentiment globally. How has the current geopolitical landscape affected hospitality demand in the Middle East, and how is IHG adapting its strategy in response?

The Middle East has consistently demonstrated an ability to absorb periods of global uncertainty and continue generating demand across multiple segments. While geopolitical developments have influenced short-term travel flows to varying degrees, the impact has not been uniform across markets. Resorts, staycations, long-stay accommodation and religious tourism have remained comparatively resilient, supported by strong domestic and regional GCC demand. Throughout, the safety and wellbeing of our guests and colleagues remain a constant priority, and we continue to monitor developments carefully.

Our role is to help owners adapt quickly and make informed decisions during periods of uncertainty. We take a market-by-market approach, working closely with owners and our teams on the ground to adjust commercial strategies and operational plans where needed. We are also tracking booking pace, lead times and the recovery of key source markets. While we remain cautious given the wider geopolitical environment, early indicators suggest travel confidence is returning, which is encouraging as we look ahead to the remainder of the year and beyond.

Despite global uncertainty, the GCC continues to attract tourists, business travellers, and investors. What factors are driving the region’s resilience, and where do you see the strongest growth opportunities?

The GCC’s resilience is underpinned by strong long-term fundamentals: economic diversification, sustained infrastructure investment, global aviation connectivity and clear national tourism strategies. Across the region, governments continue to invest in destinations, cultural attractions, entertainment, sports, business events and transport networks, creating a broader and more sustainable mix of demand.

Another important factor is the diversity of the region’s travel proposition. The UAE benefits from a mature tourism ecosystem and an established position as a global hub for leisure, business, MICE, family travel and luxury experiences. Saudi Arabia combines strong domestic and religious tourism with growing corporate, government, events, entertainment and leisure demand. Egypt, as part of the wider region, also continues to stand out as a high-potential market, supported by its scale, strong leisure appeal, cultural heritage and improving infrastructure.

Looking ahead, we see particularly strong opportunities in luxury and lifestyle hospitality, branded residences, resorts, long-stay accommodation, conversions and mainstream brands that can serve both domestic and international travellers.

How is IHG approaching expansion across the Middle East, and what role do markets such as the UAE and Saudi Arabia play in the group’s long-term growth strategy?

We are deliberate about where and how we grow, bringing the right brand to the right location based on rigorous demand analysis and each project’s long-term potential. For us, growth is about long-term value, not scale for its own sake. We work closely with owners, developers and tourism authorities to ensure our growth supports both destination priorities and the performance of individual hotels. Across the region, our focus is on quality growth that strengthens our portfolio, responds to evolving demand and creates long-term value for owners.

The UAE and Saudi Arabia are central to this strategy. As of March 2026, IHG has 39 hotels and nearly 12,000 rooms in the UAE, with 12 hotels and over 2,300 rooms in the pipeline. In Saudi Arabia, we have 48 hotels and approximately 24,800 rooms, with a further 62 hotels and close to 20,000 rooms in the pipeline. The UAE offers maturity, global connectivity and a highly diversified visitor base, while Saudi Arabia provides significant scale and new demand across religious tourism, business, events, entertainment and emerging leisure destinations.

IHG has continued to grow its portfolio across different segments, from luxury and lifestyle to midscale brands. How is changing traveller behaviour influencing the brands and concepts the group is bringing to the region?

Travellers increasingly want more than a place to stay. They are looking for experiences that feel personal, flexible and connected to the destination, whether through wellness, food, culture, sport, entertainment or time with family and friends. As a result, hotels are becoming destinations in their own right, with stronger roles to play in how people experience a city, resort or community.

At the same time, there is no single definition of today’s traveller. Some guests are seeking highly individual luxury experiences, while others prioritise value, convenience, longer stays or accommodation suited to families. This is why the breadth of IHG’s portfolio is so important. Our luxury and lifestyle brands, including Six Senses, Regent, InterContinental, Vignette Collection and Hotel Indigo, allow us to respond to growing demand for distinctive and experience-led stays. Brands such as voco and Crowne Plaza address premium business and leisure demand, while Holiday Inn and Holiday Inn Express provide accessible, reliable accommodation for a broader range of travellers.

We are also seeing increasing interest in resorts, branded residences, suites and long-stay concepts. Our approach is not to bring every brand to every market, but to identify the concept that best reflects local demand, the destination’s character and the owner’s long-term objectives.

Technology, sustainability and personalised experiences are reshaping hospitality. Which trends do you believe will have the biggest impact on the industry over the next few years?

Artificial intelligence will be one of the most transformative forces in hospitality over the next few years, reshaping how hotels understand demand, personalise the guest journey and run their operations. AI, automation and predictive analytics are already helping hotels anticipate guest needs, make faster and more precise commercial decisions, improve planning and remove operational friction. Used responsibly, these tools can strengthen – not replace – the human connection at the heart of our industry, drive better performance for owners and free colleagues from routine processes, allowing them to spend more time creating memorable experiences for guests.

Personalisation continues to be increasingly important. Travellers expect brands to understand their preferences and provide experiences that are relevant to the purpose of their trip. Through IHG One Rewards and our digital platforms, we can use insights responsibly to offer greater choice, recognition and flexibility throughout the guest journey.

Sustainability will continue to influence how hotels are designed, operated and evaluated by guests, owners and investors. The industry will need to use energy, water and other resources more efficiently while maintaining high standards of comfort and service. Owners will increasingly look for solutions that support responsible operations, improve efficiency and protect the long-term value of their assets.

As competition in the Middle East hospitality market increases, what will differentiate successful hotel operators in attracting guests, partners and investors?

The operators who succeed will be those that deliver consistently for both guests and owners. Guests want relevant experiences, reliable service and clear brand identities, while owners and investors want strong distribution, commercial expertise, cost discipline and an operator that understands the needs of each asset. The real differentiator will be the ability to translate these capabilities into sustained performance, operational efficiency and long-term asset value across different market cycles.

Talent will remain just as decisive. Hospitality is a people business, and technology and global systems only deliver their full value when they enable colleagues to provide better, more intuitive service.

With responsibility for more than 224 hotels and a pipeline of over 245 properties across India, the Middle East and Africa, how are you balancing growth ambitions with ensuring operational consistency and delivering long-term value for hotel owners and partners?

Growth and operational consistency must go hand in hand. Expanding a portfolio is only meaningful when each hotel has the systems, support and talent required to deliver on its brand promise, perform through different market cycles and create sustainable long-term value for its owner.

Our approach starts with disciplined development. We assess whether there is a clear demand case, whether the brand is right for the location and whether the project aligns with the owner’s long-term ambitions. Once a hotel joins the system, it benefits from IHG’s global capabilities across distribution, loyalty, revenue management, procurement, technology and operations. These platforms provide consistency at scale, while our regional and local teams ensure each property remains responsive to its market.

We also maintain close relationships with owners and general managers throughout the lifecycle of an asset. This includes supporting commercial performance, reviewing guest feedback, identifying operational efficiencies and advising on renovations or repositioning when required. The objective is not simply to support near-term results, but to protect the hotel’s competitiveness and asset value over time. During periods of disruption, this partnership becomes even more important, enabling us to provide targeted guidance based on the circumstances of each hotel.

Having previously worked on destination development strategies in Saudi Arabia and Ras Al Khaimah, what lessons from building tourism ecosystems have shaped your approach to growing IHG’s presence across emerging hospitality markets?

From my experience working on destination development strategies in both Saudi Arabia and Ras Al Khaimah, the clearest lesson is that hotels cannot build a destination alone. I have seen first-hand that sustainable tourism growth depends on connectivity, infrastructure, attractions, effective marketing and skilled talent, supported by close collaboration between the public and private sectors.

It is also important for each destination to build around its own strengths. Saudi Arabia, for example, is developing a broad proposition spanning religious, business, cultural, entertainment and leisure travel. Across emerging markets, hotel supply must grow in line with sustainable demand, rather than ahead of it.

These lessons shape our approach at IHG: we take a long-term view, work closely with local stakeholders and select brands according to the role they can play within the wider destination.

UAE businesses face new music fees: What cafés, hotels and airlines need to know

The framework will also apply to floating hotels, radio stations, television channels, concerts and similar events where music is used commercially.

Nida Sohail
Nida Sohail

11 August, 2026

UAE businesses face new music fees: What cafés, hotels and airlines need to know

TT

16

Restaurants, cafés, hotels, shopping malls, fitness centres and airlines across the UAE will come under a new music licensing fee framework from December 2026, following the introduction of rules governing the commercial use of music.

The Ministry of Economy and Tourism said on Tuesday that its new Collective Management in Music Guide will establish a standardised system for licensing and collecting payments linked to copyright and related rights, local media reports conveyed.

The framework will also apply to floating hotels, radio stations, television channels, concerts and similar events where music is used commercially.

New licensing system begins in December

The rules were introduced under Ministerial Resolution No. 136 of 2026, with the aim of creating consistent licensing criteria and establishing a clear mechanism for the collection and distribution of music rights payments.

The fees will vary depending on the nature of music use and the size of the economic activity. The Ministry, however, did not disclose specific fee amounts for individual categories in its announcement.

Implementation is scheduled to begin at the start of December, when establishments using music commercially will be required to obtain the relevant licences.

The Emirates Music Rights Association and Music Nation will be responsible for collecting the fees and managing the associated rights. Both organisations have received Ministry permits to carry out collective management activities in the music sector, including collecting and distributing payments to creators and other rights holders.

Licences issued to establishments will be valid for one year and can be renewed subject to the applicable rules and conditions.

Who will be exempt?

The new framework will not apply universally. Educational and academic institutions, government entities, national events and personal, non-commercial celebrations will be exempt from the licensing fees.

The ministry may also exclude additional categories in the future, depending on regulatory decisions.

The two licensed organisations will manage rights on behalf of a broad group of music professionals, including composers, songwriters, singers, instrumentalists, record producers and music publishers.

The move is designed to provide a more structured system for ensuring that creators and rights holders receive payments when their work is used commercially.

Fund to support UAE music talent

Beyond licensing, the new guide establishes a “Cultural Support Fund in the Field of Music”, aimed at strengthening the UAE’s wider music ecosystem.

The fund will provide financial, technical and artistic support for activities including music composition, production, distribution and live performance.

It will also focus on emerging talent, including children, young people and people of determination, while supporting efforts to promote Emirati music internationally.

According to a statement released on Tuesday, 10 per cent of the total fees collected will be allocated to the fund. A joint committee comprising representatives from the Ministry of Economy and Tourism and the Ministry of Culture will oversee its operations.

The organisations collecting the licensing fees will maintain a separate bank account for the fund’s allocations.

Ministry to oversee compliance

The Ministry of Economy and Tourism will retain oversight of the licensed collective management entities to ensure compliance with the UAE’s Copyright and Neighbouring Rights law.

Its monitoring powers will include field inspections as well as reviews of financial and technical records.

The ministry will also receive complaints from rights holders and other stakeholders concerning alleged violations. It said it would seek to resolve disputes amicably where possible, while retaining the option to take regulatory action when required.

The ministry can also amend licensing terms where necessary for regulatory reasons or in the public interest. Licensed entities will be required to comply with such changes immediately.

The new framework therefore marks a significant step towards formalising how music rights are managed across the UAE’s commercial and entertainment sectors, while directing a portion of licensing revenues towards the development of the country’s music industry.

‘Momentum continues to strengthen’: Burjeel’s Dr Shamsheer Vayalil on H1 2026

Chairman and CEO Dr Shamsheer Vayalil talks about the milestones behind the results, his priorities for H2, and where UAE healthcare and AI’s role within it go next

Neesha Salian
Neesha Salian

11 August, 2026

‘Momentum continues to strengthen’: Burjeel’s Dr Shamsheer Vayalil on H1 2026
Image: Supplied

TT

16

Fresh from a first half marked by accelerating patient volumes, margin expansion and a landmark $500m debut sukuk, Burjeel Holdings is entering the year’s second half with momentum. Chairman and CEO Dr Shamsheer Vayalil talks to Gulf Business about the milestones behind the results, his priorities for H2, and where UAE healthcare and AI’s role within it go next.

Beyond the financial performance, what were the most significant operational milestones or achievements for Burjeel Holdings during the first half of the year?

Beyond the financials, H1 truly embodied our commitment to action and resilience. Despite a challenging regional backdrop, we maintained uninterrupted care across our network while continuing to invest in capabilities that support the UAE’s healthcare ambitions.

Key milestones included the launch of the Burjeel Breast Center and its One-Stop Breast Clinic model, designed to significantly reduce the time between diagnosis and treatment; the opening of the Korean Pavilion at Burjeel Hospital Abu Dhabi, creating new pathways for patients to access world-class Korean medical expertise closer to home; the launch of Tajmeel’s flagship centre in Jumeirah; and the expansion of our community healthcare footprint through a new Burjeel Medical Centre in Dubai Silicon Oasis.

We also strengthened the foundations for our next phase of growth through our landmark inaugural $500m sukuk issuance, which was met with strong investor demand and reinforced confidence in our long-term strategy. Together, these milestones reflect our commitment to expanding access to specialised care, investing in innovation, and supporting the UAE’s vision for a world-class healthcare ecosystem.

As Burjeel Holdings enters the second half of the year, what key trends from H1 are shaping your priorities and areas of focus?

What H1 demonstrated is that the underlying momentum of the business continues to strengthen. In the second quarter, we saw a meaningful acceleration in patient volumes, continued recovery in complex and elective procedures, and another quarter of margin expansion, reflecting both healthy demand and disciplined execution.

As we enter the second half of the year, our priorities remain clear. First, we will continue driving market penetration across our core markets by expanding access to our integrated healthcare network and increasing the contribution from recently opened facilities. Second, we remain focused on improving operational efficiency through procurement optimisation, disciplined cost management, and operating leverage as our newer assets continue to mature.

At the same time, we will continue investing selectively in our clinical capabilities, particularly in complex specialities such as oncology, transplant medicine and precision care, while strengthening our digital and AI capabilities. We believe this balanced approach, combining sustainable growth with continued efficiency improvements, positions us well to deliver another year of profitable growth and long-term value creation.

How do you see the UAE’s healthcare sector evolving over the next five years, and what role will private healthcare providers play in supporting the country’s healthcare ambitions?

Over the next five years, the UAE healthcare sector is moving from strong infrastructure to deeper clinical capability, in line with We the UAE 2031 and its focus on accessible, high-quality, preventive and data-driven care. Private providers have to support that shift by investing in advanced treatments, qualified talent, digital infrastructure, research, and centres of excellence.

At Burjeel, our role is to help make complex, personalised care available closer to home, while supporting the UAE’s ambition to become a trusted global destination for healthcare.

How is artificial intelligence moving from a future concept to a practical healthcare tool, and where do you believe it can create the biggest impact for patients and providers alike?

AI is no longer a future concept in healthcare. It is already supporting faster diagnostics, clinical decision-making, patient monitoring and workflow efficiency, particularly in areas such as imaging, pathology, treatment planning and hospital operations.

At Burjeel, we are now live with the Oracle Health Clinical AI Agent, bringing AI-powered ambient listening into outpatient care workflows. This is a practical example of how AI can reduce administrative burdens and allow clinicians to focus more fully on patients.

The real value of AI is not in replacing clinicians, but in giving them better tools to diagnose earlier, act faster, improve treatment planning, and use healthcare resources more effectively.

The UAE is increasingly recognised as a destination for specialised and complex care. What factors are contributing to this rise, and how can the country further strengthen its position as a global healthcare hub?

The UAE has already built the infrastructure, connectivity and trust needed to serve patients from across the region. What comes next is stronger clinical outcomes, complex care, research, medical education and greater system resilience.

We are working closely with global partners to bring international expertise closer to patients in the UAE. Private providers must support this shift through talent, advanced treatments, partnerships, digital capability and readiness.

dubizzle Cars, Al-Futtaim Auto Centers partner on vehicle servicing

Under the partnership, customers will receive access to certified technicians, genuine and trusted quality parts, mobile servicing, and pick-up and delivery services through Al-Futtaim Auto Centers’ facilities across the UAE

Rajiv Pillai
Rajiv Pillai

11 August, 2026

dubizzle Cars, Al-Futtaim Auto Centers partner on vehicle servicing
Image: Supplied

TT

16

dubizzle Cars has partnered with Al-Futtaim Auto Centers to introduce prepaid scheduled maintenance packages for eligible used vehicles, as the UAE’s largest automotive marketplace expands its suite of value-added services beyond vehicle sales.

The strategic partnership will allow customers purchasing eligible vehicles through dubizzle Cars to add a service contract at the point of purchase, giving them access to scheduled maintenance across Al-Futtaim Auto Centers’ nationwide network.

The agreement was signed at dubizzle Group’s headquarters in Dubai CommerCity and brings together dubizzle Cars’ online marketplace with Al-Futtaim Auto Centers’ aftersales network, as both companies seek to simplify the vehicle ownership experience.

Under the partnership, customers will receive access to certified technicians, genuine and trusted quality parts, mobile servicing, and pick-up and delivery services through Al-Futtaim Auto Centers’ facilities across the UAE.

“Consumer expectations have evolved significantly in recent years. Buying a car today is not only about finding the right vehicle, but also having confidence throughout the ownership journey,” said Hossein Rafatnejad, commercial director at dubizzle Cars.

He said the partnership builds on dubizzle Cars’ broader automotive ecosystem, which already includes vehicle inspections, valuations, financing and insurance services, by adding trusted scheduled maintenance through one of the country’s largest automotive service providers.

The companies said the collaboration reflects growing demand in the UAE’s used car market for integrated ownership services that extend beyond the initial vehicle purchase.

Jean-Pascal Bourdier, managing director of Al-Futtaim Auto Centers, said the partnership combines two established brands with a shared focus on convenience and transparency for motorists.

“Together with dubizzle Cars, we are creating a seamless ownership experience that delivers convenience, transparency and peace of mind at every stage of the journey,” he said.

The agreement also supports dubizzle Group’s strategy of developing an end-to-end automotive platform that spans vehicle discovery, inspections, financing, insurance and aftersales services, while strengthening Al-Futtaim Auto Centers’ nationwide servicing proposition through its network, mobile servicing capability and pick-up and delivery solutions.

The prepaid maintenance packages are now available on eligible vehicles listed on the dubizzle Cars platform.

Flyadeal adds Mumbai as 2nd Indian destination, flights to start from Oct

Saudi low-cost carrier flyadeal will begin direct flights between Riyadh and Mumbai on October 3, adding its second destination in India as it expands its international network. The Saudia Group-owned airline will operate five weekly flights on the route using Airbus A320neo aircraft with 186 economy-class seats. The service will add more than 7,400 seats […]

Neesha Salian
Neesha Salian

11 August, 2026

Flyadeal adds Mumbai as 2nd Indian destination, flights to start from Oct
Image: Supplied

TT

16

Saudi low-cost carrier flyadeal will begin direct flights between Riyadh and Mumbai on October 3, adding its second destination in India as it expands its international network.

The Saudia Group-owned airline will operate five weekly flights on the route using Airbus A320neo aircraft with 186 economy-class seats.

The service will add more than 7,400 seats a month between the two cities, flyadeal said in a statement.

Flights will operate every day except Tuesdays and Fridays. Services will depart Riyadh at 12.55am and arrive in Mumbai at 7.40am local time.

Return flights will leave Mumbai at 8.40am and arrive in Riyadh at 10.15am.

The schedule will provide connections through Riyadh to and from Jeddah, Madinah, Dammam and other Saudi cities, the airline said.

“India holds great importance in flyadeal’s international growth strategy and adding Mumbai as our second Indian destination is a key milestone that expands our presence in this vital market,” said Sanjiv Kapoor, flyadeal’s acting chief executive and executive vice-president for strategies at Saudia Group.

Kapoor said the route would provide more travel options for Indian expatriates, business travellers and tourists flying between India and Saudi Arabia.

Flyadeal launched flights to Hyderabad in July

The Mumbai launch follows flyadeal’s entry into India with direct flights to Hyderabad on July 3. The airline said it planned to build a broader network across the country.

The A320neo aircraft deployed on the route will have an all-economy configuration, enlarged overhead storage bins and USB-A and USB-C charging ports at each seat.

Tickets for the Riyadh-Mumbai service are on sale through flyadeal’s website, mobile application and travel agencies.

Flyadeal operates 47 Airbus A320-family aircraft from bases in Riyadh, Jeddah, Madinah and Dammam.

The carrier’s network covers more than 40 seasonal and year-round destinations in Saudi Arabia, the Middle East, Europe, North Africa and South Asia.

The airline plans to expand its fleet and network to more than 100 aircraft and destinations by 2030. Airbus A321neo and A330-900neo aircraft are scheduled to join its fleet from 2027.

‘Worst hack in history’: Dubai-based Bybit sues North Korea over $1.5bn crypto heist

The cryptocurrency exchange says it has secured a US court order freezing stolen assets as it pursues North Korea over the record-breaking 2025 attack

Gareth van Zyl
Gareth van Zyl

11 August, 2026

‘Worst hack in history’: Dubai-based Bybit sues North Korea over $1.5bn crypto heist
Bybit co-founder and CEO Ben Zhou.

TT

16

Dubai-based Bybit, which claims to be the world’s second-largest cryptocurrency exchange by trading volume, has filed a civil lawsuit against North Korea and the Lazarus Group over the $1.5bn (Dhs5.51bn) cyberattack that hit the platform in February 2025.

The cryptocurrency exchange has also secured a preliminary injunction from the US District Court for the District of Columbia freezing identified stolen assets while the litigation continues.

The lawsuit names the Democratic People’s Republic of Korea (DPRK), its Reconnaissance General Bureau and the Lazarus Group, a North Korea-linked hacking group blamed by US authorities for carrying out the attack.

Bybit said the court order prevents identified assets connected to the theft from being transferred or dissipated while proceedings continue. Unidentified individuals and entities holding or moving the stolen funds have also been named as John Doe defendants in the case.

According to Bybit, the court found that the company had demonstrated a “likelihood of success on the merits” of its lawsuit.

The legal action comes around 18 months after hackers stole more than 400,000 ETH from Bybit in what became the largest cryptocurrency heist on record.

Read more: ‘Worst hack in history’: Dubai crypto exchange Bybit suffers $1.5bn ether heist

In the immediate aftermath of the attack, Bybit co-founder and CEO Ben Zhou described the breach as the “worst hack possibly in the history” of banking, crypto or finance, while insisting the exchange remained solvent and customer assets were fully backed.

Now, Zhou said the company’s focus remained on recovering the funds and pursuing those responsible.

“Our focus has never changed: protect our users first, recover what we can, and make sure the people behind these attacks are held accountable,” he said.

“The Lazarus attack wasn’t just an attack on Bybit. It was an attack on trust in our industry.”

$48.4m recovered so far

Bybit said approximately $48.4m in stolen assets has so far been recovered, while more than $30.5m has been frozen across more than 28 exchanges and custodians pending further legal and investigative action.

Since the February 2025 attack, the company says it has worked with blockchain analytics firms, cryptocurrency exchanges, custodians and international law enforcement agencies to trace the stolen funds and disrupt attempts to launder them.

Bybit said it continues to cooperate with US authorities, including the FBI, by sharing blockchain intelligence and investigative findings that could support wider enforcement efforts.

The civil proceedings are being pursued separately from ongoing criminal investigations by US law enforcement agencies, with Bybit saying the lawsuit provides another avenue for preserving assets and recovering stolen funds.

The company also pointed to wider enforcement action against infrastructure allegedly used to launder illicit cryptocurrency, including the dismantling of crypto exchange eXch by German authorities and the subsequent disruption of Cryptomixer.io by German and Swiss authorities.

What happened in the Bybit hack?

The February 21, 2025 breach saw attackers gain control of an ether cold wallet during a routine transfer, resulting in more than 400,000 ETH worth around $1.5bn being transferred to an unidentified address.

The scale of the theft made it the largest cryptocurrency heist on record.

At the time, Bybit, which has 80 million users, said the attack was an isolated incident and that its other cold wallets remained secure.

The exchange faced a surge in withdrawal requests in the hours after the attack, but continued processing withdrawals and maintained that client funds remained fully backed.

Bybit subsequently began working with blockchain forensic specialists, other exchanges and law enforcement agencies to trace the stolen cryptocurrency and limit the ability of those responsible to move or cash out the funds.

Its latest lawsuit forms part of a wider strategy combining blockchain intelligence, international cooperation and civil legal action to recover stolen assets and pursue the actors behind the attack.

More news in hospitality