The recent $1.4 billion Bybit hack highlights vulnerabilities in the crypto industry. These incidents remind us that even the most secure systems are not infallible.
The Bybit Hack - $1.4 Billion (2025)
On February 21, 2025, Bybit faced the largest single crypto hack in history, losing over $1.4 billion. Hackers, allegedly linked to the Lazarus Group, executed a phishing attack that compromised Bybit’s multisignature cold wallet. They altered a smart contract to steal 401,346 ETH, quickly dispersing the funds across multiple addresses and selling them via decentralized exchanges. CEO Ben Zhou assured users that the company remains solvent, securing loans to cover the losses.
The Ronin Network Hack - $625 Million (2022)
In March 2022, the Ronin Network fell victim to a hack totaling $625 million. Hackers exploited a vulnerability by phishing a former employee's keys, gaining control over five of nine validator nodes and conducting fraudulent transfers. After detection, the Ronin team raised $150 million to reimburse users.
The Poly Network Hack - $611 Million (2021)
On August 10, 2021, a hacker exploited a smart contract vulnerability in Poly Network to steal $611 million. The attacker manipulated the protocol's messaging system to unlock tokens across Ethereum, Binance Smart Chain, and Polygon. Most of the funds were returned except for $33 million in frozen Tether.
Crypto hacks like Bybit and Mt. Gox highlight the importance of security. Understanding these attacks can help protect your own assets.
