Singapore-Based Bybit Exchange Hacked, Over $1 Billion in Crypto Stolen
While Investigations are still ongoing, Bybit has lost over $1 billion worth of ETH so far.
In a devastating security breach, the popular Singapore-based centralized crypto exchange, Bybit, has been hacked, with the hacker making off with over $1 billion worth of Ethereum (ETH).
Ben Zhou, Co-Founder and CEO of the crypto exchange, took to his X page to officially confirm the security earlier today. Zhou cited a manipulation that affected Bybit’s multisig cold wallet signers as the cause of the hack.
Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from @safe . However the signing message was to change…
— Ben Zhou (@benbybit) February 21, 2025
Another tweet on the platform’s X account added that Bybit’s security team has already launched an investigation into the incident and assured users that it is working closely with law enforcement agencies to track down the perpetrators and recover the stolen funds.
Bybit Loses Over $1 Billion to Hack
Current data revealed that the hacker stole over $1 billion worth of ETH. The exact amount of tokens stolen is still unknown, as the investigation is ongoing.
Bybit has opened up collaboration with any team specializing in blockchain analytics and fund recovery that can offer their assistance in tracing and recovering the platform’s stolen funds.
In addition, Bybit has pledged to provide regular updates on the investigation and any developments in the recovery of the stolen funds to its users. Meanwhile, the crypto exchange has assured users that their funds are safe and that the exchange has sufficient reserves to cover any losses.
“We want to assure our users and partners that all other Bybit cold wallets remain fully secure. All client funds are safe, and our operations continue as usual without any disruption. Transparency and security remain our top priorities, and we will provide updates asap.”
Crypto Hacks Show No Signs of Abating
Bybit’s hack is a frightening reminder of the continuous streak of hacks facing the crypto space and the need for improved security measures to protect user funds. Last year, decentralized cross-chain lending protocol, Radiant Capital, lost about $50 million of its crypto assets to a hack incident.
