Bybit Reportedly Hacked for Over $1.5 Billion
Bybit has suffered a major hack, with Ethereum’s $1.46 billion withdrawn from its hot wallet, according to recent reports.
This is probably the biggest Safety Violation of encryption history.
Encrypted exchange bybit may be hacked
On February 21, 2025, a major security incident occurred on Bybit, one of the largest cryptocurrency exchanges. The report first surfaced through Twitter by famous crypto experts.
As the Whale Alert stressed, the staggering 401,346 ETH (worth $1.13 billion) was reportedly transferred from Bybit’s hot wallet to an unknown wallet address. This large transfer immediately raised concerns about the breach of Bybitt, especially considering the important value of the assets involved.
After the transfer, the stolen funds were moved to various wallets, and other transactions revealed the sale of ETH’s Steth and Meth (liquid pile derivatives). The address involved (e.g. 0x4) starts executing transactions that cause suspicion, especially since such a large amount of ETH is usually processed for more privacy (OTC).
This unusual trading behavior shows that these funds are passing Dispersed communication (dexes), something unexpected from communication involving such violations.
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