On February 21, 2025, cryptocurrency exchange Bybit experienced a major security breach, resulting in the loss of approximately $1.5 billion worth of digital assets. According to Bloomberg, the hack targeted one of Bybit’s wallets, leading to unauthorized transactions that drained significant funds from the platform.
Bybit’s CEO, Ben Zhou, acknowledged the incident and confirmed that a fraudulent transaction had been executed from the exchange’s multi-signature Ethereum cold wallet. The company has since launched an internal investigation to determine the full extent of the breach. As reported by CryptoNews, Bybit is also working with external cybersecurity experts and law enforcement agencies to track the stolen assets and identify those responsible for the attack.
In light of the breach, Bybit has urged its users to remain vigilant and monitor their accounts for any unusual activity. The company has yet to announce specific compensation measures for affected users but is expected to release further updates as the investigation progresses.
This incident highlights ongoing security challenges within the cryptocurrency industry. The theft serves as a reminder of the importance of strong security protocols and continuous risk assessment for both exchanges and investors.
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