Bybit, a Dubai-based cryptocurrency exchange, suffered what could be the largest cryptocurrency theft in history, with hackers stealing an estimated $1.5 billion worth of Ethereum. The incident occurred as the company attempted to transfer funds from a cold wallet to a warm wallet used for daily trading.
The CEO of Bybit, Ben Zhou, said that the hack was caused by a sophisticated attack that masked the signing interface and allowed the hacker to take control of the cold wallet. Despite the significant loss, Zhou assured clients that their assets are fully backed and that the company can cover the losses.
Bybit has over $20 billion in assets under management and has processed more than 350,000 withdrawal requests since the hack. The company is now working with blockchain forensic experts to trace the stolen funds.
Research firm Arkham Intelligence reported that the stolen funds have begun to move to new addresses where they are being sold. This incident follows a report by Chainalysis in 2024, which showed that more than $2.2 billion was stolen from crypto platforms. Bybit has contacted Business Insider for further comment on the matter.
Source: https://www.businessinsider.com/what-we-know-bybit-crypto-ethereum-hack-2025-2