“On February 21, 2025, cryptocurrency exchange Bybit suffered a critical security breach, resulting in the theft of approximately $1.5 billion worth of ETH from one of its multi-signature cold wallets.
Hackers masked the transaction, deceiving authorized signers into unknowingly approving a malicious smart contract modification. The stolen ETH was then transferred to an unidentified address, and Bybit is actively investigating the attack. Bybit CEO Ben Zhou has reassured users that all other cold wallets remain secure and that withdrawals are operating normally. However, this incident highlights the increasing risk of cyber threats in the cryptocurrency industry.
Users are urged to stay alert for updates and implement additional security measures. As the world’s second-largest cryptocurrency exchange by trading volume, Bybit serves a global community of over 60 million users. Founded in 2018, the company is registered in the British Virgin Islands as Bybit Fintech Limited and is headquartered in Dubai, UAE, under Bybit Fintech FZE.
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