Crypto exchange platform Bybit hacked

Feb Tue 2025 03:57:10

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Crypto exchange platform Bybit has been hacked. Bybit has been hacked and around $1.5 billion worth of Ethereum (ETH) has been stolen from the platform.

It is said to be the largest cryptocurrency heist ever. Bybit CEO Ben Zhao posted on X that the hacker took control of one of the exchange’s cold (offline) wallets and hacked into a planned transfer, sending the funds to an unknown address.

“The hacker took control of the ETH cold wallet and transferred all the ETH to an unknown address.” He said all other cold wallets were safe. He said that 80 percent of the stolen funds have already been recovered from partner bridge loans.

According to Bloomberg, Bybit had around $16.2 billion in assets before the hack, and averaged $36 billion in daily trading. The theft accounted for around nine percent of the exchange’s total assets. The price of Ethereum fell by 6.7 percent after news of the theft spread, while the price of Bitcoin also fell by three percent.