Bybit Suffers $1.5 Billion Crypto Heist

Dubai-based crypto exchange Bybit has fallen victim to a massive $1.5 billion hack, marking one of the largest breaches in crypto history.

What Happened?

	•	401,000 ETH stolen during a routine transfer from Bybit’s cold wallet to a warm wallet.
	•	Attackers exploited a vulnerability in the transaction process, redirecting funds to an unknown address.

Bybit’s Response

	•	CEO Ben Zhou reassured users that all client funds are safe, as Bybit remains fully solvent.
	•	Over 580,000 withdrawals processed since the incident, though some delays persist.
	•	Investigation ongoing, with blockchain analysts tracking stolen funds.
	•	A bounty program offers up to 10% of recovered assets for assistance.

Impact on Crypto Security

This hack highlights persistent security risks in the crypto space. With over $2.2 billion stolen in 2024, exchanges must strengthen protections to prevent further attacks.