Bybit Hacker Cleans $1.4B Crypto Heist in Record 10 Days
Bybit Hack: A $1.4 Billion Crypto Heist in 10 Days
Imagine this: hackers steal $1.4 billion worth of cryptocurrency and clean it all in just 10 days. Sounds like a movie, right? But this actually happened to the Bybit exchange in 2025. Let’s break down this crazy story.
The Big Heist
On February 21, 2025, hackers pulled off the biggest cryptocurrency theft ever, stealing about 400,000 ETH (Ethereum) from Bybit. That’s like robbing a bank, but with digital money!
Here’s how they did it: they found a way to trick Bybit’s security system. Normally, moving money from a safe (cold wallet) to a not-so-safe (hot wallet) place needs multiple approvals. But these sneaky hackers changed the rules of the game, making the system think they were doing the right thing while they were actually stealing the money.
Market Shake-up
The news of the hack sent Ethereum’s price tumbling from $2,823 to $2,685. Yikes! But Bybit’s boss promised to protect users’ money, saying they have $20 billion in the bank and will cover any losses. They also offered a reward (bounty) to catch the bad guys.
Money Laundering: A Fast and Furious Ride
Now, here’s where it gets really crazy. The hackers managed to clean all $1.4 billion in just 10 days! They first moved the money to one wallet, then split it into 40 smaller ones. It was like they were playing a high-stakes game of hot potato!
Experts think they used a network of wallets and maybe even some shady exchanges to turn the stolen crypto into real money, like dollars or euros.
What Can We Learn?
The Bybit hack is a wake-up call for everyone in the crypto world. It shows that we need to be really careful and keep our security up-to-date to protect our digital money. As more people invest in cryptocurrency, understanding and fighting these risks is super important.
Bybit’s promise to cover losses could set a new standard for how exchanges handle big hacks in the future.
