Bybit Wallet Hack: $1.4 Billion in Ethereum Stolen

Crypto exchange Bybit has reported a massive security breach, with hackers stealing nearly $1.5 billion in Ethereum (ETH) from one of its cold wallets. In a post on X, Bybit described the incident as a “sophisticated attack” that allowed the hackers to transfer the funds to an unidentified address.

Bybit CEO Ben Zhou confirmed in a livestream that approximately 401,346 ETH, worth over $1.4 billion, was stolen, marking the largest known crypto theft in history. Etherscan data shows that hundreds of millions of dollars’ worth of the stolen ETH has already been liquidated on decentralized exchanges.

Zhou assured users that all other cold wallets remain secure and that withdrawals are functioning normally. He emphasized that Bybit is solvent and can cover the loss, stating, “All client assets are 1-to-1 backed.”