Bybit Reportedly Hacked for Over $1.5 Billion

According to recent reports, Bybit suffered a major hack, and over $1.46 billion in Ethereum was withdrawn from its hot wallets. 

This could potentially be the biggest security breach in crypto history. 

Crypto Exchange Bybit Potentially Hacked

On February 21, 2025, a major security incident occurred at Bybit, one of the largest cryptocurrency exchanges. Reports first surfaced through Twitter from well-known crypto experts.

As highlighted by Whale Alert, a staggering 401,346 ETH (valued at $1.13 billion) was reportedly transferred from Bybit’s hot wallet to an unknown wallet address. This large transfer immediately sparked concerns that Bybit had suffered a breach, especially considering the significant value of the assets involved.

After the transfer, the stolen funds were moved to various wallets, with additional transactions revealing the sale of stETH and mETH (liquid staking derivatives) for ETH. The addresses involved, such as 0x4, began executing trades that raised suspicion, especially since such large amounts of ETH would usually be dealt with over-the-counter (OTC) for more privacy.

This unusual trading behavior indicated that the funds were being liquidated via decentralized exchanges (DEXes), something unexpected from an exchange involved in such a breach.