Bybit Hack: A $1.4 Billion Crypto Heist in 10 Days
The Biggest Crypto Theft Ever
Imagine this: hackers steal $1.4 billion in cryptocurrency and clean it all in just 10 days! That’s what happened to the Bybit exchange on February 21, 2025. This heist is now the biggest in crypto history, even bigger than the 2022 Ronin Network hack.[1][2]
How the Hack Happened
The hackers targeted a special wallet called a “cold wallet” that wasn’t connected to the internet. This wallet had about 400,000 ETH (Ethereum) in it. The hackers tricked the system by changing the smart contract logic while showing the correct wallet address. This way, they could transfer the Ethereum to their own address without setting off any alarms.[2][3]
Market Shock and Exchange Response
When the news broke, the price of Ethereum dropped from $2,823 to $2,685.[2] But don’t worry, Bybit’s CEO said that users’ funds are safe. The exchange has $20 billion in client assets and promised to cover any unrecovered funds.[2][3] Bybit also offered a reward to help find the hackers and get the stolen funds back.[1]
How the Hackers Cleaned the Money
Laundering $1.4 billion in 10 days is no easy task! The hackers first sent the stolen Ethereum to a main wallet and then spread it across 40 different wallets.[3] They probably used a network of wallets and maybe even illegal exchanges to turn the stolen assets into real money.[4]
Lessons Learned
The Bybit hack is a wake-up call for everyone in the crypto world. As more people and big investors join the crypto scene, we need to understand and protect against these kinds of risks.[4][5] Exchanges need to keep improving their security to stay ahead of these smart hackers.[2][5] Bybit’s promise to repay affected users might set a new standard for how exchanges handle big hacks in the future.[2][5]