Record Hack: Bybit Loses $1.4 Billion in Unprecedented Attack

On February 21, 2025, the cryptocurrency exchange platform Bybit fell victim to an unprecedented hack, resulting in the loss of over $1.4 billion in digital assets. This incident marks the largest theft in the history of cryptocurrencies, far surpassing previous major hacks.

1.4 billion: Bybit suffers the biggest crypto hack in history!

During this sophisticated attack, hackers managed to access Bybit’s cold Ethereum wallet, stealing over 400,000 Ether tokens, amounting to $1.4 billion at current prices. However, Bybit’s situation is not an isolated case. In terms of crypto security, the industry has already recorded numerous thefts totaling over $2.5 billion! Notably:

Coincheck: $534 million

In 2018, the Japanese crypto platform Coincheck was hacked, leading to the theft of $534 million in NEM tokens. The hackers exploited a vulnerability in a hot wallet of the platform, carrying out several unauthorized transactions. Subsequently, Coincheck committed to reimburse the 260,000 affected victims.

Poly Network: $600 million

Then in 2021, the cross-chain protocol Poly Network was targeted by hackers who stole over $600 million. The funds were siphoned from the Ethereum, BNB Smart Chain, and Polygon networks. Surprisingly, the attacker ended up returning almost all of the funds, except for $33 million.

Ronin: $600 million

In March 2022, Ronin, this Ethereum sidechain developed for the game Axie Infinity, was attacked, resulting in the theft of over $600 million in Ether and USD Coin. Unfortunately, only a tiny portion of the stolen funds could be recovered.

Binance: $568 million

Then in October 2022, Binance’s BNB Chain was compromised, resulting in a loss of nearly $568 million. Crypto hackers exploited a vulnerability in the BSC Token Hub, a cross-chain bridge, allowing them to create 2 million BNB. A portion of the funds was quickly transferred to other networks.

FTX: $477 million

More recently, in November 2022, while the FTX platform was facing a major crisis, unauthorized transactions led to the theft of $477 million. In January 2023, FTX announced it had identified $415 million in stolen cryptocurrencies. Although no perpetrator has been officially identified, former CEO Sam Bankman-Fried suggested it could be an ex-employee or someone who installed malware on an ex-employee’s computer.

Bybit: Effective crisis management

Bybit’s crisis management in the face of the largest hack in the history of cryptocurrencies is a remarkable example of effective and transparent communication. From the first minutes, the CEO personally spoke up, establishing a direct relationship with the crypto community and fostering a climate of trust. Rather than shirking responsibilities, Bybit immediately provided accurate updates on the extent of the losses, action plan, and resolution timelines.

A real-time live stream helped prevent speculation and demonstrated that the company had nothing to hide. By clearly identifying the security flaw and explaining their protocol, they framed the hack as a sophisticated attack rather than negligence. By collaborating with other players in the crypto industry and reaffirming the strength of their financial balance sheet, Bybit managed to control the situation and avoid general panic in the market.

This historic incident highlights the persistent security challenges in the crypto universe. Despite the scale of this hack and the recent embezzlement of $5.7 million by one of its employees, Bybit was able to reassure its users through exemplary crisis management. This event serves as a reminder of the importance of strengthening security protocols to protect funds and maintain trust in the ecosystem.