#BybitSecurityBreach
On February 21, 2025, Bybit, a leading cryptocurrency exchange, experienced a significant security breach resulting in the theft of over $1.4 billion in Ethereum tokens. The attackers compromised one of Bybit's offline "cold" wallets, which are typically considered more secure than online "hot" wallets. In response, Bybit's CEO, Ben Zhou, assured users that all customer withdrawals remain unaffected and that the exchange maintains full solvency, with client assets backed on a 1:1 basis. This incident underscores the ongoing security challenges within the cryptocurrency industry, highlighting the urgent need for enhanced protective measures to prevent such substantial losses in the future.