Bybit Exchange Hacked: $1.4 Billion Loss Shakes Crypto Market

Bybit Exchange Hacked: $1.4 Billion Loss Shakes Crypto Market

In a shocking turn of events, the cryptocurrency exchange Bybit reported a significant breach on Friday, revealing that a “sophisticated attack” resulted in the theft of a staggering amount of Ethereum (ETH) from one of its offline wallets. This incident marks a pivotal moment in the world of cryptocurrency security.

Details of the Bybit Hack

According to Bybit’s chief executive and co-founder, Ben Zhou, hackers managed to steal approximately 401,346 ETH, which was valued at around $1.4 billion at the time of the theft. This breach has been identified as the largest known theft in crypto history.

Comparative Analysis of Crypto Thefts

Crypto security experts from Elliptic and researcher ZachXBT confirmed the magnitude of this breach, highlighting that it eclipses previous significant hacks, including:

  • Ronin Network – $624 million
  • Poly Network – $611 million

According to data gathered by Rekt, these figures place the Bybit theft at the forefront of crypto security breaches.

Implications of the Theft

Tom Robinson, co-founder and chief scientist at Elliptic, remarked that this incident could be considered “the largest single theft of all time,” encompassing all types of thefts, not solely data breaches. In comparison, the Central Bank of Iraq withdrawal of approximately $1 billion previously held the title for the largest bank robbery.

How the Hack Occurred

Zhou elaborated on the mechanics of the breach, stating that the hacker “took control” of a cold wallet—designed to be offline for security reasons—and transferred the funds to a warm wallet, which is connected to the internet.

Bybit’s Financial Standing

Despite the substantial loss, Bybit has reassured its users. Zhou announced on X that the company remains “solvent” and capable of covering the loss, even if the stolen funds cannot be recovered. As of last week, Bybit’s total assets were estimated at $16 billion, according to CoinMarketCap.

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Crypto Theft Trends

To provide further context, Chainalysis reported that in 2024 alone, hackers stole about $2.2 billion in total crypto assets, while estimates for 2023 indicated losses of around $2 billion.

This incident serves as a crucial reminder of the vulnerabilities that still exist within the cryptocurrency landscape, emphasizing the need for enhanced security measures across the industry.

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