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September 5, 2024
February 24, 2025
By Evans Momodu
2 minute digest
Updated 10:10 UK(GMT), 24 February, 2025
In what is being called the largest cryptocurrency theft in history, hackers have stolen $1.5 billion (£1.19 billion) in digital assets from the Dubai-based Bybit exchange.
Bybit, one of the world's largest crypto trading platforms with over 60 million users, confirmed that attackers gained control of an Ethereum wallet and transferred its holdings to an unknown address. However, the company assured that no other wallets were affected, and withdrawals continue as usual.
Bybit CEO Ben Zhou addressed concerns on X, stating:
"Bybit remains solvent even if this loss is not recovered. All client assets are backed 1:1, and we can fully cover the loss."
Crypto Security Breach 2025
The breach occurred during a routine Ethereum transfer from Bybit’s offline cold wallet to its online warm wallet, used for daily transactions. Despite multiple security checks and signature approvals, the attackers managed to mask the true destination of the funds, making them disappear.
Cybersecurity experts are now investigating the incident, working to trace and possibly recover the stolen assets. The hack highlights ongoing security vulnerabilities in the crypto industry, particularly as hackers increasingly target individuals through phishing and social engineering rather than bypassing firewalls directly.
Blockchain Security Threats
According to blockchain analysts Chainalysis, 2024 saw 303 hacking incidents, resulting in $2.2 billion in stolen digital assets. While Bybit assures users their funds are safe, the event raises fresh concerns about the lack of regulation in cryptocurrency exchanges, especially compared to traditional banks, where customer funds are protected.
Zhou also revealed that over 350,000 withdrawal requests were submitted following the attack, reassuring customers that "ALL withdrawals have been processed."
If confirmed, this could surpass the previous record crypto theft, the $620 million hack of the Ronin Network in 2022, solidifying it as the largest digital asset heist to date.
Source: Sky news
