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Bybit flaw lets $1.46B slip to hackers

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Bybit flaw lets $1.46B slip to hackers
Web3/Crypto
Webp  62
Ben Zhou, CEO of Bybit | X

Bybit has announced that a sophisticated attack manipulated an Ethereum cold wallet transaction, resulting in significant losses. The company is currently investigating the incident. The announcement was made on X on February 21.

According to blockchain trackers on X, the hack involved the theft of 401,347 ETH—worth over $1.46 billion—surpassing the $620 million Ronin Network breach of 2022. The attacker reportedly swapped assets like mETH and stETH for ETH via decentralized platforms, with funds traced to addresses flagged by ZachXBT.

Crypto exchanges faced 47 major hacks in 2024, losing $2.8 billion, according to Chainalysis estimates. Centralized platforms like Bybit are increasingly targeted as tactics shift from code exploits to social engineering, including user interface manipulation, as seen in this breach.

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Bybit halted services in France on January 8, 2025, under pressure from the Autorité des Marchés Financiers (AMF), transferring assets to Coinhouse. It resumed operations there on February 14, 2025, after exiting the regulator’s blacklist—just days before the hack occurred. India also saw trading curbs in January due to Financial Intelligence Unit (FIU) rules, part of a pattern of regulatory friction for exchanges.

Founded in 2018 in the British Virgin Islands, Bybit has grown into a Singapore-based crypto giant handling over $20 billion in assets by 2025. It specializes in derivatives trading for assets like Ethereum and Bitcoin and serves millions globally despite setbacks such as a $1.06 million fine imposed by Indian authorities in January 2025.

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