Bybit Victim of a Sophisticated Hack: $560 Million Gone!

On February 21, 2025, Bybit, one of the leading cryptocurrency exchange platforms, revealed that it had fallen victim to a sophisticated cyberattack. According to an official statement, a cold wallet containing Ethereum (ETH) was compromised, allowing an attacker to transfer 560 million dollars to an unidentified hot wallet. This incident highlights the security challenges faced by exchanges in the crypto universe.

A sophisticated hack steals 560 million dollars from Bybit!

Bybit explains that the attack took place during a transfer of a multisignature (multisig) ETH wallet to a staging wallet. The hacker manipulated the signature interface, displaying a legitimate address while altering the underlying logic of the smart contract. This ruse allowed the attacker to take control of the affected wallet and drain 560 million dollars.

The security team at Bybit, in collaboration with blockchain security experts, is actively working to trace the stolen assets. Furthermore, the platform calls for any team specializing in blockchain analysis or fund recovery to assist them.

User funds are secure

Despite the magnitude of this loss, Bybit aims to reassure. The CEO, Ben Zhou, emphasized calming users’ concerns by stating that the platform remains solvent, even without recovering the stolen funds. “All customer assets are 100% guaranteed, and we can absorb this loss,” he declared. Additionally, Bybit insists that the other cold wallets of the crypto platform remain secure, and operations, including withdrawals, continue normally.

This incident comes at a time when the CEO of Bybit has labeled Pi Network a scam and refuses to list this token on its platform. This, by presenting reports like that of the Chinese police from 2023, which warn about Pi Network scams targeting the elderly.

Bybit, therefore betting on transparency and a swift response, seeks to maintain the trust of its users in an increasingly uncertain context regarding the security of cryptocurrencies. Upcoming updates on this matter will be closely scrutinized by the crypto community.