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Bybit Exchange Hacked: Cryptocurrency exchange Bybit has suffered a massive hack, resulting in over $1.4 billion worth of stolen assets, including liquid-staked Ether, Mantle Staked ETH (mETH), and other ERC-20 tokens. On-chain security analyst ZachXBT identified the hack shortly after it took place, sparking widespread concern in the crypto community.
HackBybit CEO Confirms the Hack and Issues a Security Update
Bybit’s co-founder and CEO, Ben Zhou, confirmed the breach. He explained that the attack involved a transfer from the exchange’s multisignature wallet to a warm wallet. The malicious transfer was designed to look legitimate but contained hidden code aimed at altering the wallet’s smart contract, allowing the thief to siphon funds.
Zhou reassured users, stating, “All other cold wallets are secure. Withdrawals are NORMAL. We’ll keep you updated on the developments.” He emphasized that Bybit remains solvent, even if the stolen funds are not recovered.
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
Users Advised to Take Precautions After the Hack
Following the incident, ZachXBT urged users to blacklist addresses linked to the hack to prevent further damage. Bybit took immediate action to address the breach and confirmed that its cold wallets remained safe, ensuring all client funds are still protected. They assured users that their operations would continue without disruption.
The Bybit breach comes amid a rise in cryptocurrency hacks and scams in early 2025. For example, on February 14, the ZkLend protocol on Starknet was exploited for $9.5 million. On the same day, Jupiter, a Solana-based decentralized exchange, was also targeted by hackers, who used compromised accounts to promote fake tokens.
The growing frequency of cyberattacks highlights the need for stronger security measures in the crypto sector.
Bybit Exchange Hacked: Bybit Reassures Users Amidst the Chaos
Despite this breach, Bybit has reassured users that their assets are still secure, and the company’s operations remain unaffected. The crypto exchange’s CEO also emphasized that they could cover the loss, ensuring full backing of client assets.
