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Bybit Hit by $1.5 Billion Hack in Largest Crypto Theft Ever

  • Crypto prices dropped on Friday, with Bitcoin falling to nearly $97,000 and Ether dipping below $2,700 due to a security incident at Bybit.
  • Bybit confirmed a hacker stole over $1.46 billion worth of cryptocurrency from its ETH cold wallet, marking this incident as the largest cryptocurrency hack ever.
  • Bybit stated that all other cold wallets are secure, and its CEO assured that all client assets are backed 1 to 1 despite the loss.
  • A suspicious $1.4 billion ETH outflow prompted the security incident investigation by Bybit's team and external experts.
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Forbes broke the news in United States on Friday, February 21, 2025.
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