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Bybit Hacked, $1.4 Billion Stolen

Olumide Adesina•Friday, February 21, 2025•1 min read
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Bybit, a cryptocurrency exchange, was breached with over $1.4 billion in liquid-staked Ether. Ben Zhou, the CEO, and co-founder of Bybit gave an update on the security vulnerability.

 

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Zhou verified that a transfer had been performed from the exchange’s multi-signature wallet to a warm wallet.

The CEO claimed that the transaction was disguised to look authentic, but it contained malicious source code intended to change the wallet’s smart contract logic and embezzle money

Zhou assured customers that every other cold wallet was secure.

“Every withdrawal is typical. I’ll update you all as additional information becomes available. We would appreciate it if any team could assist us in tracking down the stolen funds.” He added

“Bybit is Solvent.” the Bybit CEO said, “Even if this hack loss is not recovered, we can cover the loss because all of the client’s assets are 1 to 1 backed.”

The incident comes amid high-profile security breaches and hacks that depleted cryptocurrency exchanges’ money in 2024 and early 2025.

The first few weeks of February 2025 saw a surge in hacking and scam-related activity in the cryptocurrency sector.

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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