A recent hack on cryptocurrency exchange Bybit has stolen around $1.5 billion worth of digital tokens, making it the largest crypto heist in history. Researchers described it as a theft of unprecedented scale.
Bybit CEO Ben Zhou stated that the hacked tokens were taken from a “cold wallet,” a usually offline and more secure storage method. However, blockchain research firm Elliptic said this hack surpassed previous records, with a total value exceeding double the last-largest crypto heist.
The crypto industry has faced numerous thefts in recent years, with hacking hauls totaling over $2 billion in 2024 alone. The sector’s vulnerabilities were highlighted by the Poly Network hack in August 2021, where hackers stole around $610 million and returned nearly all of it.
Other notable hacks include the Ronin Network hack, which saw cryptocurrency worth $540 million stolen from Axie Infinity in March 2022. In January 2018, Coincheck suffered a theft valued at around $530 million when hackers drained funds from one of its “hot wallets.”
The Mt.Gox exchange experienced a significant loss between 2011 and 2014, with approximately $500 million in bitcoin stolen. In a more recent incident, DeFi site Wormhole was hit by a $320 million heist last month.
These incidents underscore the need for improved security measures within the crypto industry. With the total value of hacking hauls exceeding $2 billion in 2024, these thefts serve as a reminder that vulnerabilities exist.
Source: https://www.reuters.com/technology/cybersecurity/cryptos-biggest-hacks-heists-after-15-billion-theft-bybit-2025-02-24