Over $1.4 billion was hacked by an attacker from the Bybit exchange after taking control of one of its Ethereum wallets. It is one of the biggest hacks in cryptocurrency history.
How the Hack Took Place
On February 21, a hacker gained access to Bybit’s cold wallet, which stores crypto securely offline. They transferred a huge amount of staked ETH, MegaETH, and other ERC-20 tokens.
Blockchain security expert ZachXBT first noticed the attack and warned users to block the hacker’s wallet addresses.
Bybit CEO Ben Zhou subsequently confirmed the hack. He said that an evil code was employed to alter the wallet’s smart contract so that it appeared as a regular transaction. This deception enabled the hacker to make off with the money.
Source: Ben Zhou
Is Bybit Safe?
Even with the hack, Bybit has guaranteed that the funds are secure. The exchange stated that:
- The other cold wallets were unaffected.
- Withdrawals are still working as usual.
- Bybit is financially strong and can cover the loss.
Bybit also asked security experts to help track the stolen funds.
More Hacks in February 2025
Bybit’s hack is part of a rise in crypto attacks this month:
A crypto lending platform ZkLend, was hacked for $9.5 million on February 14.
Jupiter, a Solana exchange, and former Malaysian Prime Minister Mahathir Mohamad’s social media accounts were hacked on February 5. The hackers utilized the accounts to endorse fake crypto tokens.
🚨 Bybit Security Breach! Hackers drain over $1 billion in ETH, raising serious security concerns. Stay alert!
— BrandPR (@BrandPR_io) February 21, 2025
Follow @BrandPR_io for more updates & news!#CryptoNews #BybitHack #BrandPR pic.twitter.com/c1HKSd8CJy
Eliza Labs founder Shaw Walters also had his X account hacked, despite having two-factor security authentication.
These events show that crypto security risks are increasing, and users should stay alert to protect their funds.
