Bybit Faces $1.46 Billion Security Incident, Says ZachXBT

Update: This is now one of the largest hack in history. More details in this new article.

Bybit Hot wallet, Warm wallet and all other cold wallets are fine. The only cold wallet that was hacked was ETH cold wallet. ALL withdraws are NORMAL.

— Ben Zhou (@benbybit) February 21, 2025

Blockchain investigator ZachXBT has flagged suspicious outflows from Bybit, with over $1.46 billion in funds moving out of the exchange. The transactions, which involved mETH and stETH, were quickly swapped for ETH on decentralized exchanges (DEXs), raising concerns over a possible security breach.

The nature of the outflows was initially unclear, but ZachXBT later confirmed that his sources identified the event as a security incident.

As of 12:07 am, Bybit made the following statement:

Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing…

— Bybit (@Bybit_Official) February 21, 2025

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