⚠️ The Bybit exchange was hacked for over $1.4 billion ⚠️
A hacker took control of a cold ETH wallet on the Bybit exchange on February 21, stealing over USD 1.4 billion in funds in the process.
The cryptocurrency exchange Bybit is said to have been hacked for more than USD 1.4 billion in Ether
STETH
2563.51 €
and MegaETH (mETH), according to onchain security analyst ZackXBT.
Following the incident, the onchain detective warned users to blacklist the addresses associated with the hack. The co-founder and CEO of Bybit, Ben Zhou, also provided updated information about the security breach.
Zhou confirmed that a transfer had been made from the exchange's multi-signature wallet to a hot wallet approximately one hour prior.
The CEO stated that the specific transaction was masked to appear legitimate, but contained malicious source code designed to alter the logic of the wallet's smart contract and divert funds. Zhou reassured customers:
"Rest assured that all other cold wallets are secure. All withdrawals are NORMAL. I will keep you updated as more news comes in. If any team can help us track the stolen funds, it will be appreciated."
The incident follows several high-profile hacks and security incidents throughout 2024 and early 2025 that left cryptocurrency exchanges drained of funds.
The cryptocurrency industry experienced a spike in hacks and scam-related activity in the early weeks of February 2025.
