Crypto Exchange Bybit Hacked, $1.4 Billion Stolen

Bybit, a cryptocurrency exchange, was breached with over $1.4 billion in liquid-staked Ether. Ben Zhou, the CEO, and co-founder of Bybit gave an update on the security vulnerability.

Zhou verified that a transfer had been performed from the exchangeโ€™s multi-signature wallet to a warm wallet.

The CEO claimed that the transaction was disguised to look authentic, but it contained malicious source code intended to change the walletโ€™s smart contract logic and embezzle money

Zhou assured customers that every other cold wallet was secure.

โ€œEvery withdrawal is typical. Iโ€™ll update you all as additional information becomes available. We would appreciate it if any team could assist us in tracking down the stolen funds.โ€ He added

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โ€œBybit is Solvent.โ€ the Bybit CEO said, โ€œEven if this hack loss is not recovered, we can cover the loss because all of the clientโ€™s assets are 1 to 1 backed.โ€

The incident comes amid high-profile security breaches and hacks that depleted cryptocurrency exchangesโ€™ money in 2024 and early 2025.

The first few weeks of February 2025 saw a surge in hacking and scam-related activity in the cryptocurrency sector.

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