Bybit ETHEREUM HACK 1.5 BILLION DOLLAR HACK
February 22, 2025
Bybit ETHEREUM HACK 1.5 BILLION DOLLAR HACK
The Dubai-based cryptocurrency exchange Bybit was hacked, resulting in the theft of $1.5 billion worth of digital assets, the largest crypto theft in industry history.
Hack Details and Bybit's Response
Bybit CEO Ben Zhou assured users their funds are safe and launched a refund program for affected users. Attackers exploited security protocols during a transaction to steal 400,000 ETH from an offline wallet. Bybit holds $20 billion in client assets and will cover any unrecovered funds.
Perpetrators and Bybit Background
The perpetrators remain unknown but the scale of the theft surpasses previous records. Bybit was founded in 2018 and has early investments from Peter Thiel.