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Reading: Bybit Crypto Hack: $1.5 Billion Ethereum Stolen in Largest Crypto Theft in History
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Bybit crypto hack in 2025
PhotoNews Pakistan > Tech > Bybit Crypto Hack: $1.5 Billion Ethereum Stolen in Largest Crypto Theft in History
Tech

Bybit Crypto Hack: $1.5 Billion Ethereum Stolen in Largest Crypto Theft in History

Web Desk
By Web Desk Published February 24, 2025 1 Min Read
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An illustrative image showing Crypto Trader using a Laptop. Photo Credits: @InvestBuddy_ (X)
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On Friday, Dubai-based cryptocurrency exchange Bybit reported a staggering $1.5 billion theft of digital assets, the world’s largest crypto heist.

As per the initial reports, hackers breached security protocols, targeting an offline wallet and stealing 400,000 Ethereum (ETH) tokens.

Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6

— Ben Zhou (@benbybit) February 24, 2025

The breach occurred during a transaction, allowing attackers to transfer the funds to an unknown address. Ethereum, the second-largest cryptocurrency by market value, dropped nearly 4% to $2,641.41 post-hack. Bybit identified the compromised offline wallet as the entry point.

🚨 TODAY: Crypto exchange eXch has denied laundering money for North Korea’s Lazarus Group from the recent $1.4 billion Bybit hack, saying all of its funds are safe and operations are unaffected by the hack. pic.twitter.com/D9X299Trqb

— Cointelegraph (@Cointelegraph) February 24, 2025

Bybit’s Response

CEO Ben Zhou reassured users in an online chat, saying, “Your funds are safe.” The company echoed this on X, announcing a refund program to reimburse affected users fully. With $20 billion in client assets, Zhou pledged to cover losses using Bybit’s treasury or partner loans if needed.

Bybit’s $1.5B hack is bullish – Lazarus has diamond hands.

Led by Park Jin Hyok, now wanted by the FBI.

They’ve just drained $1.46B in staked ETH & ERC-20 tokens from Bybit, making it the biggest crypto hack ever, twice the size of the second-largest breach.

How did they pull… pic.twitter.com/OV1JzWmhYB

— arndxt (@arndxt_xo) February 22, 2025

This theft dwarfs the previous record, a $620 million Ethereum and USD Coin hack from the Ronin Network in 2022, linked to North Korea’s Lazarus group. Bybit, founded in 2018 with early backing from Peter Thiel, now faces its biggest challenge.

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