Hackers steal $1.5bn worth of bitcoin from Bybit
Bybit, a leading cryptocurrency exchange, has reportedly suffered a massive hack, losing approximately $1.5 billion in digital assets. This breach is believed to be the largest crypto theft ever recorded.
The breach targeted Bybit’s cold wallet, an offline storage mechanism intended to enhance security. The stolen assets, largely in ether, were swiftly moved across numerous wallets and converted into cash through various platforms.
Bybit CEO and founder Ben Zhou addressed the hack during an online chat, assuring users that “your funds are safe.”
The company added on X: “We’ve launched a refund program for users affected by today’s hack. Bybit is committed to protecting our community, and we will fully reimburse all impacted users.”
Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from @safe . However the signing message was to change…
— Ben Zhou (@benbybit) February 21, 2025
The hack prompted a surge of withdrawals from Bybit as users worried about possible insolvency. Zhou noted that outflows have since stabilized. To restore confidence, he revealed that Bybit obtained a bridge loan from unnamed partners to address any irrecoverable losses and ensure continued operations.
The identity of the hackers is still unclear, but the magnitude of this theft surpasses the previous record: a $620 million theft of Ethereum and USD Coin from the Ronin Network in 2022, which was reportedly orchestrated by North Korea’s Lazarus group.
I am one of the editors here at www.systemtek.co.uk I am a UK based technology professional, with an interest in computer security and telecoms.