On February 21, 2025. Bybit Exchange, a prominent cryptocurrency exchange, experienced a significant security breach resulting in the unauthorized transfer of approximately $1.46 billion worth of assets. The incident involved the compromise of Bybit's Ethereum (ETH) cold wallet, leading to the loss of 401,346 ETH (approximately $1.1 billion) and various staked Ether (stETH) tokens. The perpetrator has been liquidating these assets on decentralized exchanges.
Bybit's CEO, Ben Zhou, confirmed the breach, explaining that a planned transfer was manipulated, allowing the attacker to gain control over the specific ETH cold wallet. Zhou assured users that all other cold wallets remain secure and that withdrawals are functioning normally.
This event marks one of the largest cryptocurrency hacks to date, surpassing previous incidents such as the Mt. Gox hack ($470 million), the CoinCheck hack in 2018 ($530 million), and the Ronin Bridge exploit ($650 million).
In response to the breach, major cryptocurrencies experienced price declines. Ethereum's price fell nearly 3% to approximately $2,727, while Bitcoin dipped by nearly 1% to around $98,091.
Users are advised to monitor their accounts closely and exercise caution with their assets during this period.
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