Bybit Hacker Cleans $1.4B Crypto in 10 Days

Bybit Hack: A $1.4 Billion Crypto Heist

The world of cryptocurrency was shocked in February 2025 when a big hack happened at Bybit, a major crypto exchange. The hackers stole about $1.4 billion worth of Ethereum and other digital coins. This was the biggest crypto hack ever! Let’s find out how it happened and what we can learn from it.

How the Hack Happened

Bybit’s offline cold wallet, which is usually very safe, was targeted. The hackers tricked the system by showing the right wallet address but changing the smart contract logic. This let them control the cold wallet and steal the funds without setting off alarms. They got away with 401,347 ether and other Ethereum-based tokens, worth over $1.4 billion.

The Impact on the Market

The news of the hack made Ethereum’s price drop from $2,823 to $2,685. People were worried about the safety of their digital assets. But Bybit said that users’ funds were safe and they would cover any losses from their treasury. This hack also showed how big the threat of crypto heists is. In 2024 alone, over $1.49 billion was lost to hacks.

Laundering the Stolen Funds

The hackers managed to clean, or launder, all the stolen money in just 10 days! This is really fast and shows how skilled they were. Laundering crypto usually involves changing it into real money, like dollars, using different methods. The speed of this laundering shows that the hackers had a well-planned network and strategy.

What We Can Learn

This big hack teaches us some important lessons. We need strong cybersecurity to protect our digital assets. Using multi-signature approvals and non-custodial wallets can help keep our money safe. As crypto becomes more popular, hackers will keep trying to steal it. So, we need better rules and cooperation between exchanges to stop illegal transactions. We must stay alert and keep learning to protect ourselves in the digital world.

Sources: Fintech Weekly, NetSource One, Morningstar, Lizedin, S&P Global