Key Takeaways:
- A security breach compromised Bybit’s Ethereum cold wallet, leading to a $1.46 billion loss.
- The stolen funds are being liquidated on decentralized exchanges.
- Bybit assures users that all other wallets remain secure and operations are unaffected.
In a shocking cyberattack, leading cryptocurrency exchange Bybit has suffered a major breach, losing approximately $1.46 billion worth of Ethereum (ETH). This marks one of the most significant crypto hacks in recent history.
The Breach: What Happened?
Blockchain security analysts detected suspicious outflows totaling 401,346 ETH (about $1.1 billion) from Bybit’s cold wallet. The stolen assets, including staked Ether (stETH), were moved to an unknown wallet address. Reports suggest that around $200 million worth of stETH has already been liquidated on decentralized exchanges.
Bybit’s Response & User Safety
Bybit’s CEO, Ben Zhou, confirmed that:
- Only one Ethereum cold wallet was affected.
- All other cold wallets remain secure.
- Withdrawals continue without disruption.
- The exchange remains financially stable, ensuring full backing of customer assets.
Market Impact: Crypto Prices Take a Hit
The breach has rattled the crypto market, triggering price drops:
- Ethereum (ETH) fell approximately 4%, dipping below $2,700.
- Bitcoin (BTC) declined, nearing the $97,000 mark.
- Over $100 million in leveraged trading positions were liquidated due to volatility.
Also read: Hot vs Cold Wallets: A Comprehensive Guide to Crypto Storage Safety and Costs
How This Compares to Past Crypto Hacks
Bybit’s massive loss now ranks as the largest exchange hack in history. Below is a comparison with previous major breaches:
| Exchange | Year | Amount Stolen | Details |
|---|---|---|---|
| Mt. Gox | 2011 | $470 million | Bitcoin exchange collapse |
| CoinCheck | 2018 | $530 million | Hackers stole NEM tokens |
| Ronin Bridge | 2022 | $650 million | Ethereum sidechain exploit |
| Bybit | 2025 | $1.46 billion | Ethereum cold wallet compromised |
Security Measures & Future Implications
Bybit has launched an internal investigation and is working with blockchain forensic experts to track the stolen funds. This incident underscores the risks associated with centralized exchanges and may accelerate the shift towards decentralized finance (DeFi) and personal cold storage solutions.
As investigations continue, Bybit users are encouraged to stay informed through official exchange announcements.
