🚨#Bybit Crypto Exchange Hacked: $1.4 Billion Stolen in #Ethereum
On February 21, 2025, the cryptocurrency exchange Bybit suffered a massive hacker attack, resulting in the theft of over $1.4 billion worth of Ethereum. The attackers gained access to one of the exchange's cold wallets, stealing 401,346 ETH.
Bybit’s CEO, Ben Zhou, explained that the incident occurred during a fund transfer from a cold wallet to a hot wallet. Hackers used a sophisticated attack that disguised the signing interface, displaying the correct address while altering the smart contract logic. This allowed them to take control of the Ethereum cold wallet and transfer the funds to unknown addresses.
Following the attack, Bybit assured that all other wallets remained secure and that customer funds were unaffected. Operations on the platform continue without interruption. The company has also reached out to blockchain analysis experts to help track and recover the stolen assets.
This incident highlights the importance of continuously improving security systems in the cryptocurrency industry, even for storage methods considered secure, such as cold wallets.
