APT attack chain and security reflections behind the theft of $1.5 billion
Background
On February 21, 2025, the cryptocurrency exchange Bybit suffered the largest hacker attack in history, with about $1.5 billion in assets (including ETH, stETH, etc.) stolen from its Ethereum cold wallet. This incident not only broke the record for the amount of money stolen in a single attack in the crypto industry, but also exposed deep loopholes in the security system of centralized exchanges. According to the forensic report released by Bybit (jointly provided by Sygnia and Verichains), the attacker broke through the multi-signature mechanism through sophisticated social engineering penetration and smart contract tampering, and finally completed the fund transfer.