On February 21, 2025, cryptocurrency exchange Bybit announced a cyberattack resulting in a 560 million dollar transfer from the platform. The exchange highlighted its ongoing commitment to user security.
Attack Details
According to an official statement, the attack occurred during the transfer of a multisignature ETH cold wallet to a staging wallet. The hacker manipulated the signature interface, displaying a legitimate address while altering the smart contract logic, allowing control over the wallet and draining the funds.
Response and Security Measures
Bybit's security team, in collaboration with blockchain security experts, is actively tracing the stolen assets. The platform is also requesting any teams specializing in blockchain analysis or fund recovery to aid in the investigation. Despite the loss magnitude, Bybit CEO Ben Zhou assured users that the platform remains solvent and all user assets are 100% secure.
Context and Future Actions
This incident occurs as Bybit's CEO labels the Pi Network project a scam, refusing to list the token on its platform. Bybit emphasizes transparency and a swift response to maintain user trust. Upcoming updates on this matter will be closely monitored by the crypto community.
Bybit is focusing on resolving the issue quickly and regaining user trust. Despite the losses, user security and confidence remain the platform’s top priorities.
