The Biggest Crypto Heist in History: Bybit Exchange Hacked
On February 21, 2025, the cryptocurrency exchange Bybit suffered a massive cyberattack, resulting in the theft of approximately $1.5 billion in Ethereum. This incident is already being called the largest crypto heist in history.
How Did the Hack Happen?
Hackers gained access to Bybit’s cold wallet, which is used for secure offline storage of funds. During a routine transfer of assets to a hot wallet used for daily transactions, the attackers managed to intercept the process and transfer 401,000 Ethereum to an unknown address.
Bybit’s CEO, Ben Zhou, confirmed the breach, stating that other customer assets remain secure. He also assured that the exchange is financially stable, with over $20 billion in managed assets.
User Panic and Bybit’s Response
Following the announcement of the hack, Bybit users began withdrawing funds en masse, leading to a record-breaking 350,000 withdrawal requests. Despite this, the exchange continues to process transactions, although some delays are expected.
Authorities and cybersecurity experts have already joined the investigation. Bybit has offered a $140 million reward for information that helps recover the stolen assets and identify the hackers.
Who Is Behind the Attack?
Some analysts suspect that the North Korean hacking group Lazarus may be responsible, as they have been linked to some of the biggest cyberattacks in the crypto industry. However, there is no official confirmation yet.
Impact on the Market
The news of the hack caused Ethereum’s price to drop by 4% briefly, but it soon started recovering. This incident once again highlights the urgent need for stronger security measures in the crypto industry and stricter control over digital asset storage.
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