In a shocking turn of events, Bybit has fallen victim to the largest cryptocurrency theft in history, raising serious concerns about the security of centralized exchanges. According to the experts cited in the publication, the incident, which occurred on February 21, has sent ripples through the crypto community, highlighting the vulnerabilities that still exist in the sector.
Massive Breach at Bybit
The attackers managed to siphon off approximately 14 billion dollars, primarily by draining around 401,000 ETH from wallets associated with the exchange. This unprecedented breach not only raises questions about Bybit's security measures but also serves as a stark reminder of the ongoing risks that investors face in the cryptocurrency market.
Calls for Enhanced Security
As the investigation unfolds, industry experts are calling for enhanced security protocols and greater transparency from exchanges to protect users' assets. The incident has sparked a renewed debate about the safety of centralized platforms, with many advocating for decentralized alternatives as a more secure option for trading digital assets.
In contrast to the recent security breach at Bybit, Upbit has reported significant growth, with its user base reaching 13.26 million by the end of 2025. For more details, see Upbit's growth.
