Bybit Hacked: Over $1.46 Billion in Ethereum Stolen
Cryptocurrency exchange Bybit has suffered what could be the largest hack in digital currency history, with $1.46 billion in Ethereum (ETH) being withdrawn from hot wallets. Bybit CEO Ben Zhou confirmed the hack via social media, saying that the hacker had taken control of a specific ETH cold wallet and transferred its entire contents to an unknown address.
Suspicions of a hack were raised when blockchain data showed a massive transfer of 401,346 ETH, worth approximately $1.13 billion, from a Bybit hot wallet to an unknown wallet. Not only did this transfer raise alarms about a possible hack, it also impacted the market price of Ethereum, which fell more than 4% after the stolen funds began to be liquidated.
Zhou assured users that despite the hack, all other cold wallets remain safe and withdrawals are working normally.
The method used in the Bybit hack is very similar to techniques used in previous major hacks, such as the WazirX and Radiant Capital hacks in 2024.