Bybit at the Center of the Largest Crypto Hack Ever – Losses Near $1.5 Billion
On 21 February 2025, the crypto exchange Bybit became the target of the biggest hack in history, with estimated losses reaching approximately $1.46 billion—a figure that far exceeds the $611 million Poly Network breach of 2021.
According to reports, the breach was facilitated by the compromise of an offline Ethereum wallet at the exchange. The perpetrators exploited a blind signature technique, effectively concealing the true intent of their transactions and granting them illicit access to the cold storage of digital assets.
Once in control, they swiftly transferred roughly $1.46 billion in cryptocurrency, dispersing it into more than 40 new addresses in batches of about $27 million—an intricate maneuver designed to evade detection.
In a swift response, Bybit’s CEO Ben Zhou took to social network X to inform users that their funds are safe and that the withdrawal service remains fully operational.
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In a timely live broadcast on social network X, Ben Zhou addressed several critical questions, emphasizing that the exchange is well-resourced, with more than 80% of the funds needed to offset losses already secured through strategic partner loans.
Cybersecurity authorities, including experts from Fireblocks and Blockaid, have remarked that the attack exemplifies an exceptionally high level of technical proficiency, thereby exposing substantial vulnerabilities in current crypto infrastructures. Detailed analyses by on-chain specialist ZachXBT, along with insights from research firms Arkham Intelligence and Nansen, substantiate that the assets were promptly distributed across numerous addresses to obscure their traceability.
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The incident sent ripples of concern through the investor community, as prices in the crypto market—ETH in particular—swayed in response to the news. Yet, the downturn proved relatively modest, with ETH dipping by under 3% over the course of the day.
The Bybit hack stands as a stark reminder of the imperative to continuously fortify security measures amid the swift evolution of the cryptocurrency arena, where the very technologies that empower us can also present new avenues for cyber intrusion.
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