On February 21, Bybit was attacked, resulting in a loss of over $1.4 billion, marking the largest hack in the industry's history.
Details of the Bybit Hack
On February 21, 2024, the Bybit cryptocurrency exchange was hacked for more than $1.4 billion, becoming the largest attack in the industry's history. According to Cyvers, this single attack accounted for over 60% of all stolen crypto assets in 2024.
History of Major Crypto Attacks
Before the Bybit incident, the largest hack in history was the March 2022 attack on Ronin Network, where attackers stole over $600 million in crypto assets. Other significant incidents include the Poly Network (2021), Binance BNB Chain (2022), and Coincheck (2018), with stolen asset values ranging from $500 to $600 million.
Impact on the Industry and Recovery Paths
The increasing number of attacks threatens the legitimacy of the cryptocurrency industry. However, according to Chainalysis, legitimate use cases of cryptocurrencies are growing faster than illicit activities. Despite this, the hacking economy continues to thrive, with total stolen crypto assets reaching $19 billion by mid-2024.
The attack on Bybit serves as a stark reminder of the need for enhanced security measures in the crypto industry and for increased awareness of the nature of such threats.
