Dubai-based cryptocurrency exchange Bybit Technology Ltd. has fallen victim to a massive cyberattack, with approximately $1.5 billion in cryptocurrency stolen. The breach is believed to be the largest single theft in cryptocurrency history.
Bybit, a well-established exchange with over 60 million users, consistently ranks among the top five platforms by trading volume. The company disclosed the hack on February 21, revealing that attackers gained control of an Ethereum wallet and transferred its holdings to an unknown address. The attack took place during a routine transfer from Bybit’s offline cold wallet to a warm wallet designated for daily trading, with vulnerabilities in the process allowing unauthorized access to the cold wallet. Approximately 401,000 ETH was stolen.
“Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic,” Bybit explained on X. “As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.”
In response, Bybit’s co-founder and Chief Executive Officer Ben Zhou reassured users that the platform remains solvent, emphasizing that all client assets are backed one-to-one. The company also stated that it holds reserves exceeding $20 billion to cover the losses.
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