#BybitSecurityBreach The term **#BybitSecurityBreach** refers to a significant security incident that affected the cryptocurrency exchange platform Bybit in February 2025. During this event, approximately 401,346 Ether (ETH), valued at around $1.5 billion, was stolen from one of Bybit’s cold wallets. citeturn0news17

**Incident Details:**

- **Attack Date:** February 21, 2025.

- **Attack Method:** The attackers exploited a vulnerability during a routine transfer from a cold wallet (offline storage) to a hot wallet (used for daily operations). They manipulated the transaction using a sophisticated technique that altered the underlying logic of the smart contract, allowing them to take control of the affected cold wallet and transfer the funds to an unidentified address. citeturn0search0

- **Bybit Response:** Bybit CEO Ben Zhou assured that the company remains solvent and that all customer assets are backed up on a 1:1 basis. He also stated that the platform's other wallets and operations were not compromised. citeturn0search1

**Implications for the Crypto Industry:**

This incident represents the largest cryptocurrency theft recorded to date, surpassing previous events such as the attacks on Ronin Network and Poly Network. It highlights the need to strengthen security measures on exchange platforms and the importance of collaboration between companies and cybersecurity experts to prevent future attacks. citeturn0search1

For more information and updates on this incident, it is recommended to follow reliable and official sources related to cryptocurrency security.

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