The cryptocurrency exchange Bybit has suffered a major security breach, losing approximately $1.4 billion worth of digital assets, primarily Ethereum. The attack, which occurred during a transfer from a cold wallet to a hot wallet, exploited vulnerabilities in the platform’s smart contract logic.
According to Bybit CEO Ben Zhou, the breach affected 75% of Ethereum deposits, raising concerns among investors. Despite this, Bybit assured users that their funds remain safe and that the platform continues to operate normally. However, many users have rushed to withdraw funds, fearing further security risks.
Investigators are actively tracking the stolen assets as they move across the blockchain. This incident underscores the growing security threats to centralized exchanges, as crypto-related hacks surged 21% in 2025, according to Chainalysis.
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