Bybit, one of the world's largest cryptocurrency exchanges, faced a major security breach leading to the loss of over $1.4 billion in Ethereum (ETH) due to a sophisticated phishing attack.
Attack Details
The incident took place on February 21, 2025, when Bybit's Ethereum multisignature cold wallet initiated a transfer to a warm wallet. However, the attack involved a sophisticated phishing scheme where transaction signers were shown a masked user interface displaying legitimate addresses and URLs from Safe, but the signed message contained a logic flaw granting attackers full wallet control.
Social Media Reactions
As news of the breach spread, a heated discussion erupted on Twitter. Users expressed concerns about the safety of remaining funds on the platform and called for transparency from Bybit. CEO Ben Zhou reassured that hot wallets and other cold wallets remained secure.
Technical Context and Impact
The case of Bybit highlights the vulnerability of even secure-looking multisignature wallets. It draws parallels to previous incidents such as the Parity multisignature wallet hack in 2017. The incident will likely lead to a reevaluation of security procedures and improvements in employee training.
The $1.4 billion loss was a significant blow to Bybit. The platform will now focus on regaining user trust and tracking down the stolen assets, possibly enhancing its security measures to prevent future incidents.
