This afternoon, the Crypto Bybit Exchange suffered an attack at $ 1.46 billion. The hack was confirmed by the CEO of the Crypto Exchange. This is the most important hack to date in the history of cryptocurrencies.
🔴 MAJ 18:06: According to 0xngmi, Defillama developer, or “ The hacker installed a virus on the computer or browser of the signatories, who replaced the transaction with a malicious version before sending it to the hardware wallet ” either “ Safe's interface was hacked, displaying a legitimate transaction, but actually sending a different transaction to the wallet ».
Maj 18:04: Safe, whose infrastructure is used by Bybit to carry out its funds, said collaborating with the Exchange to clear things up. The company said that for the moment, there was nothing to indicate that its End front had been compromised. SAFE WALLET features have however been paused.
Maj 17:41: Justin Sun, CEO of Tron, said that he was ready to help Bybit.
MAJ 17:37: Changpeng Zhao, a former CEO of Binance, reacted under a publication of the CEO of Bybit, advising him to break down.
MAJ 17:33: Arkham has set up a Intel Bounty With a reward of 50,000 ARKM tokens (~ $ 33,600) for anyone will be able to identify the hackers. The information will be transmitted to Bybit to help the platform find the funds.
MAJ 17:25: Bitmex Research confirms that in view of the latest publications concerning the reserves of Bybit, the Crypto Exchange is indeed able to cover these losses without it impacting its customers.
MAJ 17:18: As underlined by Mudit Gupta on X, the operating mode is significantly the same as that used during the Wazirx hack last summer. It was an attack by North Korean hackers (Lazarus), and the funds could never be recovered.
Bybit undergoes the biggest hack in the history of cryptocurrencies
The exchange of cryptocurrencies bybit has just been the victim of a hack at $ 1.46 billion. It is, by far, the biggest amount stolen in the history of cryptocurrencies, the previous record having been set during the attack on Sidechain Ronin in 2022.
The detective On-Chain Zachxbt, well known to the ecosystem, was the first to sound the alarm from his telegram channel. “” Currently monitoring suspicious funds of more than $ 1.46 billion from Bybit. Update to come as soon as new information is available.
By analyzing on-chain transfers, it appears that the stolen funds were mainly in the form of Meth and Seth. The latter were all exchanged for ether on different decentralized exchanges, a process that is not deceived.
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“” The receiver portfolio sells all tokens, so it is clearly a hack. If it was a simple transfer, they would not liquidate everything directly on-chain, »Reacted 0xgnmi, Defillama developer.
At the same time, Zachxbt revealed that sources had confirmed to him that it was a security incident. About ten minutes later, the cleaver fell: Ben Zhou, the CEO of Bybit, confirms that a Cold Wallet was compromised during a transaction.
Bybit Eth Multisig Cold Wallet Just Made A Transfer to Our Warm Wallet About 1 HR AGO. It appears that this specific transaction was musked, all the signs saw the musked ui which showed the correct address and the url was from @Safe . However the signing message was to change…
– Ben Zhou (@benbybit) FEBRUARY 21, 2025
Bybit Storage's Multi-Signature Multi-Signature Portfolio made a transfer to our Warm Wallet about an hour ago. It seems that this specific transaction has been camouflaged: all the signatories saw a falsified interface that displayed the right address, and the URL came from Safe. However, the signature message was actually aimed at modifying the logic of the Contract Smart of our ETH portfolio in Cold Storage. Consequently, the hacker took control of this specific ETH portfolio and transferred all the funds he contained to an unidentified address.
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The CEO of Bybit said that all customers' funds were safe, and that no other Wallet had been compromised. According to Arkham, the Exchange has about $ 20 billion in crypto.
According to Zachxbt, The stolen funds have been transferred to more than 48 addressesmaking monitoring of funds particularly complex.
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What consequences for customers?
Ben Zhou said that even in the case where the Crypto Exchange would not manage to recover the backgrounds, it would remain completely solvent:
Bybit is solvent even if this hack loss is not recovered, all of customers assets are 1 to 1 backed, we can cover the loss.
– Ben Zhou (@benbybit) FEBRUARY 21, 2025
As was underlined by Bitmex Research, the stolen amount is nevertheless colossal for Bybit: the equivalent of 75 % of the ETH deposited by the customers were stolen. However, In view of the latest publications concerning the reserves of Bybit, the Crypto Exchange is indeed able to cover these losses without it impacting its customers.
As is visible on Defillama, the amount of outflows caused by the hack is very unusual for Bybit:
Tokens flows on bybit from January 2024 to today
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