Bybit, a major cryptocurrency exchange, has recently faced a significant security breach. On February 21, 2025, hackers managed to steal approximately $1.4 billion worth of Ethereum (ETH) from one of Bybit's cold wallets during a routine transfer. The breach was caused by a sophisticated attack that manipulated the signing interface, displaying the correct address but altering the underlying smart contract logic.
Bybit's CEO, Ben Zhou, has confirmed the hack and reassured users that other wallets remain secure. He also emphasized that the company is solvent and that all client assets are fully backed. Bybit is currently investigating the incident and has secured bridge loans to cover 80% of the stolen ETH.
This attack highlights the ongoing security risks within the cryptocurrency industry, with experts warning that such incidents are likely to continue.
