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Bybit hack comes amid a broader uptick in crypto security incidents in February 2025, with other high-profile hacks such as a $9.5 million exploit of the ZkLend protocol on Starknet, underscoring the ongoing vulnerabilities in the ecosystem
Bybit’s CEO Ben Zhou reassured customers that, despite the hack, all other cold wallets remain secure, withdrawals continue as normal, and the exchange is solvent with 1-to-1 asset backing
Bybit confirmed a hack with over $1.4 billion in ETH in a single attack
The Bybit hack ranks among the largest in crypto history, surpassing previous major heists such as Coincheck (2018), Mt. Gox (2014), and FTX (2022), while Chainalysis data shows that overall crypto theft peaked at $3.7 billion in 2022
Bybit CEO confirmed the hack was executed through a masked transaction from its multisignature cold wallet to a warm wallet, with the signing message altered to change the smart contract logic and siphon funds

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Bybit has confirmed a hack as over $1.4 billion in ETH‑related tokens drained in a major security breach

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