The hackers sent the money to an unidentified address
In what’s being called the biggest digital heist in history, hackers have looted a staggering $1.5 billion from crypto exchange Bybit, sending shockwaves through the industry.
Bybit confirmed it had fallen victim to one of the largest online thefts ever, revealing that over a billion dollars in assets had mysteriously vanished.
The breach occurred on Friday, February 21, when cybercriminals manipulated an Ethereum transfer, siphoning an astronomical sum into an unidentified wallet. The incident immediately triggered panic among investors, sparking a surge in withdrawal requests.
With the crypto world on high alert, all eyes are now on Bybit as it scrambles to contain the fallout from this unprecedented attack.
Bybit has assured users that its swift and transparent crisis response helped stabilize the crypto market, preventing any major price volatility in the wake of the historic hack.
In an official statement, the company emphasized its 1:1 reserve guarantee, ensuring that client assets remained fully intact despite the staggering breach. CEO Ben Zhou reassured investors that Bybit remains solvent and fully capable of covering the losses, reaffirming the company’s financial strength and commitment to security.
Taking to X (formerly Twitter), Zhou provided a critical update just 12 hours after the attack, stating: “ALL withdrawals have been processed. Our withdrawal system is now fully back to normal—no delays, no restrictions. Thank you for your patience, and we deeply regret that this happened.”
With Bybit bouncing back swiftly, the exchange aims to restore trust and reinforce its resilience in the ever-evolving crypto landscape.
Bybit has promised full transparency, with CEO Ben Zhou confirming that a detailed incident report and enhanced security measures will be released in the coming days.
“I will personally keep you all posted on any new updates,” Zhou assured users on X. “Thanks to all the clients, friends, and partners who have supported us during this excruciating 12 hours. The real work has just begun.”
Despite the staggering scale of the attack, Zhou has repeatedly emphasized that Bybit remains financially secure and fully capable of covering the loss.
While this may be the largest digital theft in history, it’s far from the only recent high-profile crypto heist.
In December 2024, the FBI, the U.S. Defense Department, and Japan’s National Police Agency jointly accused North Korean hackers of stealing $308 million from a Japanese cryptocurrency firm.
Speaking to CNN, former FBI intelligence analyst Nick Carlsen criticized current cybersecurity strategies, stating: “The approach from governments and the industry clearly isn’t working. It’s time to go back to the drawing board and find real ways to deter and punish North Korea for these hacks.”
With cyberattacks on the rise, the Bybit heist serves as a stark reminder of the vulnerabilities still plaguing the crypto world.
