Bybit Confirms $1.4 Billion Ethereum Hack in Historic Security Breach
Cryptocurrency exchange Bybit has disclosed a devastating security breach, resulting in the loss of approximately 401,346 Ethereum (ETH)—worth $1.4 billion at the time of the attack. The incident, announced via Bybit’s official X account, marks the largest crypto theft ever recorded.
Key Details of the Hack
- Attack Vector: Hackers compromised one of Bybit’s offline (cold) wallets, transferring funds to an online (warm) wallet.
- Confirmed Loss: Independent analyses by Elliptic and researcher ZachXBT corroborate the $1.4 billion valuation.
- Historical Context: Surpasses previous record hacks like the Ronin Network ($624M) and Poly Network ($611M) breaches.
Bybit’s Response and Financial Stability
CEO Ben Zhou stated on X that the exchange remains solvent, with sufficient reserves to cover losses. Bybit, headquartered in Dubai, held $16 billion in assets pre-hack, per CoinMarketCap.
Broader Implications for Crypto Security
- 2024 Comparison: The theft nearly equals half of 2024’s total stolen crypto ($2.2B, per Chainalysis).
- Expert Insight: Elliptic’s co-founder Tom Robinson called it potentially the largest single theft in history, surpassing traditional bank heists like the $1B Iraqi Central Bank robbery.
What’s Next?
Bybit has yet to reveal specifics about the attack’s origin or recovery efforts. The incident underscores critical vulnerabilities in cold storage systems, prompting renewed scrutiny of exchange security protocols.
For real-time updates, follow Bybit’s official communications.
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