Hackers have stolen $1.5 billion in digital assets from Bybit, marking the biggest cryptocurrency heist in history. Bybit, a renowned cryptocurrency exchange, confirmed the breach on Friday.
The attack targeted an Ethereum cold wallet, allowing the perpetrators to move 400,000 coins to unknown addresses.
The company, which serves more than 60 million users worldwide, assured customers that all other wallets remain secure and withdrawals are operating normally.
How did the breach happen?
The breach occurred during a routine transfer of Ethereum. Bybit was moving funds from an offline cold wallet, a more secure form of storage, to a warm wallet used for daily trading. The process required multiple security checks and approvals, yet hackers managed to mask the transfer’s true destination before executing the theft.
Bybit CEO Ben Zhou described it as “the worst hack in history.” He confirmed the stolen amount and said forensic investigators are tracing the assets while also working to determine how the security system was breached.
He said on X, “12 hr from the worst hack in history. ALL withdraws have been processed. Our withdraw system is now fully back to normal pace, you can withdraw any amount and experience no delays. Thanks for your patience and we are sorry that this has happened. ”
12 hr from the worst hack in history. ALL withdraws have been processed. Our withdraw system is now fully back to normal pace, you can withdraw any amount and experience no delays. Thanks for your patience and we are sorry that this has happened.
Bybit will come out with full…— Ben Zhou (@benbybit) February 22, 2025
Blockchain analysis firm Arkham Intelligence reported tracking $1.36 billion of the stolen Ethereum as it was quickly distributed across multiple accounts and rapidly sold. The scale and speed of the asset movement suggest an organized and highly sophisticated operation.
ALERT: BYBIT HACKER TRANSFERRING ETH
The Bybit Hacker has begun to move portions of the hacked funds from Bybit again, moving $7M ETH in the past hour alone.
These on-chain movements appear to clearly link the Bybit Hacker to the Phemex Hack, which was conducted by the Lazarus… pic.twitter.com/vgnta6Rl8f
— Arkham (@arkham) February 22, 2025
Bybit secures bridge loan
Bybit faced a surge in withdrawal requests, processing over 350,000 transactions after the news broke. While some crypto platforms have struggled to recover from major hacks, Bybit says it has secured a bridge loan from partners to cover any customer funds that cannot be reclaimed.
Crypto industry’s long history of hacks
The heist surpasses all previous record-breaking cryptocurrency thefts. In 2022, hackers stole $620 million from the Ronin Network, while in 2011, the Mt. Gox exchange lost $470 million in Bitcoin, leading to its collapse. More recently, $570 million was stolen from Binance in October 2022 due to a flaw in a smart contract.
According to blockchain research firm Chainalysis, hackers stole $2.2 billion across 303 attacks in 2024 alone. While cybersecurity measures have improved, many breaches now rely on social engineering – tricking individuals into granting access rather than breaking through technical defenses.
What it means for users
Despite Bybit’s assurances, the attack raises fresh concerns about crypto security and regulation. Unlike banks, most cryptocurrency exchanges operate without government oversight, meaning stolen funds are rarely recovered.
Bybit says it remains financially stable and fully operational. However, with the hackers still unidentified, recovering the stolen assets remains uncertain.