#BybitSecurityBreach In February 2025, cryptocurrency exchange Bybit suffered an unprecedented cyberattack, resulting in the theft of approximately $1.5 billion$$ worth of Ethereum. The incident occurred during a routine transfer from a cold wallet to a hot wallet, when hackers manipulated the transaction and took control of the cold wallet, diverting 401,000 $ETH to an unknown address.
Despite the magnitude of the attack, Bybit CEO Ben Zhou assured that the company remains solvent, with all customer assets backed 1:1. The platform continues to operate normally, and withdrawals have not been affected. Bybit is collaborating with blockchain forensics experts to track the stolen funds and has launched a bounty program offering up to 10% of the recovered value to ethical hackers who assist in recovering the assets.
This incident highlights persistent vulnerabilities in centralized cryptocurrency exchanges and reinforces the need for more robust security measures to protect users’ assets.
