On February 21, 2025, Bybit, one of the main cryptocurrency exchange platforms, revealed that he had been the victim of a sophisticated computer attack. According to an official press release, a Cold Wallet in Ethereum (ETH) has been compromised, allowing an attacker to transfer $ 560 million to an unidentified hot wallet. This incident highlights the security challenges faced by exchanges in the crypto universe.
Sophisticated hacking flies $ 560 million in Bybit!
Bybit explains that the attack took place during a transfer of a multisignature portfolio (Multisig) ETH to an intermediate portfolio. The pirate has manipulated the signature interface, displaying a legitimate address while modifying the underlying logic of the Smart Contract. This trick allowed the striker to take control of the affected portfolio and empty $ 560 million.
Bybit's security team, in collaboration with blockchain safety experts, is actively working to trace stolen assets. In addition, the platform launch a call to any team specializing in blockchain analysis or fundraising to lend them a hand.
User funds are safe
Despite the magnitude of this loss, Bybit wants to be reassuring. The CEO, Ben Zhou, wanted to calm user concerns by affirming that the platform remains solvent, even without recovery of stolen funds. “All customer assets are 100 %guaranteed, and we can absorb this loss,” he said. In addition, Bybit insists that the other cold portfolios of the crypto platform remain secure, and that operations, including withdrawals, continue normally.
This incident occurs while the CEO of Bybit qualified Pi Network as Scam and refuses to list this token on his platform. It is based in particular on reports such as that of the Chinese police of 2023, which alert on scams linked to PU Network targeting the elderly.
By focusing on transparency and a rapid reaction, Bybit seeks to maintain the confidence of its users in a context of safety of increasingly uncertain cryptocurrencies. The next updates on this case will be closely scrutinized by the Crypto community, while Microsoft strengthens its infrastructure to welcome GPT-4.5 and GPT-5.
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