Henri Crypto
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#bybit latest information on the Bybit hacker attack
What happened? Date: February 21, 2025. Target: An Ethereum cold wallet from Bybit, one of the world's largest cryptocurrency exchanges. Loss: Approximately 401,346 ETH were transferred to an unknown address, equivalent to approximately $1.13 to $1.46 billion, depending on the current exchange rate. Method: The attack was highly sophisticated.
According to Ben Zhou, CEO of Bybit, the hackers manipulated a transaction during the transfer of funds from a multisig cold wallet to a warm wallet. They used a technique known as "UI spoofing" or "interface phishing," where the signing interface displayed false information, misleading those responsible for the authorization.
After the theft, the assets were quickly distributed to multiple addresses (approximately 39 to 53 wallets, according to different sources) and part was converted to stETH and mETH, being liquidated on decentralized exchanges. It is estimated that US$200 million was already sold in the immediate aftermath of the attack. Solvency: Zhou assured that Bybit remains solvent, with 1:1 reserves to customer assets, and that the exchange has funds in the treasury to cover the loss, even if the funds are not recovered. Ethereum fell by about 4% after the attack, trading at approximately US$2,727, while Bitcoin fell by almost 4.5%, to approximately US$95,009. Historical context: This incident dwarfs other major hacks in the crypto sector. Mt. Gox (2014): US$470 million. CoinCheck (2018): $530 million.
Ronin Bridge (2022): $650 million.
$BTC $RSR $ETH
What happened? Date: February 21, 2025. Target: An Ethereum cold wallet from Bybit, one of the world's largest cryptocurrency exchanges. Loss: Approximately 401,346 ETH were transferred to an unknown address, equivalent to approximately $1.13 to $1.46 billion, depending on the current exchange rate. Method: The attack was highly sophisticated.
According to Ben Zhou, CEO of Bybit, the hackers manipulated a transaction during the transfer of funds from a multisig cold wallet to a warm wallet. They used a technique known as "UI spoofing" or "interface phishing," where the signing interface displayed false information, misleading those responsible for the authorization.
After the theft, the assets were quickly distributed to multiple addresses (approximately 39 to 53 wallets, according to different sources) and part was converted to stETH and mETH, being liquidated on decentralized exchanges. It is estimated that US$200 million was already sold in the immediate aftermath of the attack. Solvency: Zhou assured that Bybit remains solvent, with 1:1 reserves to customer assets, and that the exchange has funds in the treasury to cover the loss, even if the funds are not recovered. Ethereum fell by about 4% after the attack, trading at approximately US$2,727, while Bitcoin fell by almost 4.5%, to approximately US$95,009. Historical context: This incident dwarfs other major hacks in the crypto sector. Mt. Gox (2014): US$470 million. CoinCheck (2018): $530 million.
Ronin Bridge (2022): $650 million.
$BTC $RSR $ETH
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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