{"id":6583,"date":"2025-02-22T08:09:28","date_gmt":"2025-02-22T08:09:28","guid":{"rendered":"https:\/\/fusionmindlabs.com\/blogs\/bybit-hacked-loses-1-4b\/"},"modified":"2025-02-22T08:09:28","modified_gmt":"2025-02-22T08:09:28","slug":"bybit-hacked-loses-1-4b","status":"publish","type":"post","link":"https:\/\/fusionmindlabs.com\/blogs\/bybit-hacked-loses-1-4b\/","title":{"rendered":"Bybit hacked, loses $1.4B"},"content":{"rendered":"\n<\/p>\n
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In a recent announcement, cryptocurrency exchange Bybit revealed<\/a> that it had fallen victim to a sophisticated attack, resulting in the theft of a substantial amount of Ethereum (ETH) from one of its offline wallets.<\/p>\n

Bybit’s CEO and co-founder, Ben Zhou, disclosed in a livestream that the hackers managed to steal approximately 401,346 ETH, which, at the time of the incident, was valued at around $1.4 billion.<\/p>\n

According to crypto security firm Elliptic and researcher ZachXBT, the total value of the stolen ETH is estimated to be around $1.4 billion, making this incident the largest known crypto theft in history. For context, previous notable crypto breaches include the Ronin Network<\/a> and Poly Network<\/a> hacks, which resulted in losses of $624 million and $611 million, respectively, as reported by Rekt<\/a>, a platform that tracks web3 and crypto breaches.<\/p>\n

Elliptic’s co-founder and chief scientist, Tom Robinson, noted that this incident may be the largest single theft of all time, surpassing even non-crypto related thefts. He told TechCrunch, “In fact, it may even be the largest single theft of all time.”<\/p>\n

Prior to this incident, the largest bank robbery on record was the withdrawal of approximately $1 billion from the Central Bank of Iraq, as reported by World Finance<\/a>.<\/p>\n

Ben Zhou explained on X<\/a> that the hacker gained control of one of the company’s cold wallets, which are designed to store cryptocurrency offline, and transferred the funds to a warm wallet, which is connected to the internet.<\/p>\n

When contacted for comment, Bybit spokesperson Tony Au referred to Zhou’s public statements. In one of his posts, Zhou assured<\/a> that the company is “solvent” and capable of covering the loss, even if the stolen funds cannot be recovered.<\/p>\n

Bybit, headquartered in Dubai, United Arab Emirates, had an estimated total asset value of $16 billion as of last week, according to CoinMarketCap<\/a>.<\/p>\n

To put this incident into perspective, the total amount of crypto stolen by hackers in 2024 was around $2.2 billion, as reported by Chainalysis<\/a>. In 2023, the total value of stolen crypto was approximately $2 billion, according to multiple estimates<\/a>.<\/p>\n<\/div>\n\n
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