Bybit Suffers Record $1.5 Billion Crypto Hack, Pledges Full Reimbursement

NEW YORK, Feb 22, 2025 (BSS/AFP) – Dubai-based cryptocurrency exchange Bybit has confirmed a massive security breach, with hackers stealing $1.5 billion in digital assets—the largest crypto theft in history.

Bybit's CEO and founder, Ben Zhou, addressed the situation in an online chat, assuring users that their funds would be protected. "Your funds are safe," he stated.

The company also announced on X: "We've launched a refund program for users affected by today's hack. Bybit is committed to protecting our community, and we will fully reimburse all impacted users."

According to Bybit, attackers exploited security vulnerabilities during a transaction, gaining access to an offline wallet containing Ethereum (ETH). The breach resulted in the theft of 400,000 ETH on Friday morning.

Ethereum, the second-largest cryptocurrency after Bitcoin, was trading at $2,641.41 following the attack, reflecting a 4% decline.

Zhou reassured users that Bybit manages $20 billion in client assets and pledged to cover any unrecovered losses using the company's treasury or external financing.

While the perpetrators remain unidentified, the magnitude of the theft surpasses the $620 million Ronin Network hack in 2022, which was attributed to North Korea's Lazarus Group.

Founded in 2018, Bybit has received early investments from notable figures, including Peter Thiel, a prominent ally of Donald Trump, according to Pitchbook.