Bybit crypto exchange loses $1.5 billion in the largest theft in cryptocurrency history. Hackers exploit security gaps to steal 400,000 ETH from offline wallets.
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| Bybit crypto exchange loses $1.5 billion in largest crypto theft to date. CEO promises full refund and assures users funds are safe. Hack targets 400,000 ETH. Image: ChicHue |
Dubai, UAE — February 22, 2025:
Dubai-based cryptocurrency exchange Bybit announced a devastating security breach on Friday, with hackers successfully stealing $1.5 billion worth of digital assets—marking the largest crypto theft in history. The breach occurred when attackers exploited vulnerabilities during a transaction, allowing them to transfer assets from an offline wallet storing Ethereum (ETH), the second-largest cryptocurrency after Bitcoin.
Bybit's CEO, Ben Zhou, addressed the incident during an online chat, offering reassurance to the community. “Your funds are safe,” he said, emphasizing that the company had already launched a refund program for users affected by the hack. "We will fully reimburse all impacted users."
The stolen assets included 400,000 ETH, which were valued at approximately $1 billion at the time of the theft. The breach has sent shockwaves through the cryptocurrency world, especially as Ethereum's price saw a nearly 4% drop following the incident. Despite the scale of the theft, Zhou assured clients that Bybit holds $20 billion in client assets, and the company would cover any unrecovered funds either through its treasury or via a bridge loan from its partners.
This breach eclipses the previous record for a crypto heist, a $620 million theft of Ethereum and USD Coin from the Ronin Network in 2022, which was allegedly carried out by North Korea's Lazarus group.
Founded in 2018, Bybit has become a prominent player in the cryptocurrency exchange market and counts influential figures like Peter Thiel, a supporter of former U.S. President Donald Trump, among its early investors.