Following a significant breach resulting in a massive loss of digital assets, 40 million XRP tokens were sent to Bybit from an unidentified source. This event has led to various speculations about its purpose and origins.
Bybit’s Security Breach
On February 21, 2025, Bybit experienced a sophisticated cyberattack leading to the theft of over 400,000 Ethereum tokens, valued at approximately $1.46 billion. This attack occurred shortly after Bybit's initiative to make its liquidation data public. Bybit’s CEO Ben Zhou assured users that the exchange remains solvent and that all client assets are fully backed.
The 40 Million XRP Transaction
In the aftermath of the breach, a notable transaction of 40 million XRP tokens was observed being sent to Bybit from an unknown wallet. While the exchange assured clients of its stability, XRP Captain shared a report suggesting the exchange is accepting loans to cover withdrawals. Speculation within the community suggests this transfer might be a loan to support Bybit's liquidity. One commenter suggested that this loan came from Ripple CEO Brad Garlinghouse.
Bybit’s Response and Recovery Efforts
In response to the breach, Bybit has taken measures to recover the stolen assets and enhance its security framework. The exchange has announced a bounty program, pledging up to 10% of any recovered funds to cybersecurity experts assisting in tracking and retrieving the stolen assets.
The developments surrounding Bybit's breach and the 40 million XRP transaction are expected to remain under close scrutiny by the crypto community and financial analysts as the exchange seeks to recover and reinforce its security.
