#bybit On February 21, 2025, cryptocurrency exchange Bybit suffered a major hack, resulting in the theft of over $1.4 billion in digital assets. The attacker gained access to Bybit’s Ethereum (ETH) cold wallet, transferring 401,347 ETH, as well as stETH, cmETH, and mETH tokens, to unidentified addresses.
Ben Zhou, Bybit’s co-founder and CEO, confirmed the incident and assured that despite the loss, the platform remains solvent and all customer assets are 100% secure and guaranteed. He also clarified that the platform’s other wallets were not affected and customer withdrawals are proceeding normally.
This hack highlights the ongoing security challenges in the cryptocurrency industry. In 2024, crypto platforms suffered $2.2 billion in thefts, an increase of 21.1% from the previous year.
Bybit said it is working with blockchain security experts to investigate the incident and attempt to recover the stolen funds. The crypto community is encouraged to remain vigilant and follow Bybit's official updates regarding this situation.
