- Bybit was hacked for $1.4 billion, with attackers exploiting a wallet transfer to siphon funds.
- CEO Ben Zhou assured users that client assets are safe, despite the massive breach.
- Crypto hacks are surging in 2025, with recent attacks hitting ZkLend, Jupiter DEX, and high-profile figures.
Another massive crypto hack just rocked the industry. This time, Bybit took a $1.4 billion hit, with hackers siphoning liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other ERC-20 tokens.
Blockchain security analyst ZachXBT spotted the exploit almost immediately, warning users to blacklist the hacker’s wallet addresses before funds could be moved further. Bybit’s co-founder and CEO, Ben Zhou, later confirmed the breach—but insisted that customer funds remain safe.
How the Hack Went Down
According to Zhou, the attackers exploited a transfer from Bybit’s multisig wallet to a warm wallet. The transaction was masked to look legitimate but contained malicious source code that manipulated the smart contract logic—essentially, rewriting the rules mid-transfer to redirect funds.
“Please rest assured, all other cold wallets are secure. All withdrawals are NORMAL. I’ll keep you guys posted,” Zhou assured users.
Despite the staggering loss, Zhou claimed Bybit remains solvent, stating that client assets are fully backed 1:1.
Crypto’s Growing Security Problem
The Bybit attack is just the latest in a string of high-profile hacks hitting the crypto world in early 2025.
- ZkLend lost $9.5M on Feb. 14 after an attacker moved funds through Ethereum and Railgun—though Railgun returned the stolen assets in an unexpected twist.
- Jupiter DEX and former Malaysian PM Mahathir Mohamad were hacked on Feb. 5, with attackers using compromised accounts to promote fake memecoins.
- Eliza Labs founder Shaw Walters had his social media hacked, despite having two-factor authentication enabled.
As for Bybit, the impact of the breach is already hitting the market. ETH’s price dropped over 3% following the attack, sending shockwaves through the ecosystem.
With hackers getting bolder and security breaches becoming routine, the question isn’t if another major exploit will happen—it’s when.
