Crypto Giant Bybit Loses $1.46 Billion in Massive Security Breach

Bybit, a leading cryptocurrency exchange, has fallen victim to one of the largest security breaches in the history of digital assets. Over $1.46 billion worth of Ethereum and staked assets were drained from the exchange's cold wallet, according to blockchain analyst ZachXBT. The hacker transferred 401,346 ETH, valued at approximately $1.1 billion, along with staked Ether (stETH-USD) and MegaETH (mETH) to a fresh wallet, where they began liquidating the stolen funds.

Bybit's CEO, Ben Zhou, confirmed the attack, stating that a hacker gained control of a specific ETH cold wallet and transferred all the ETH within it to an unidentified address. Zhou assured users that all other cold wallets remained secure, and withdrawals were unaffected.

Following the hack, the attacker swiftly began offloading the stolen funds, selling around $200 million worth of stETH on decentralized exchanges, according to Etherscan. This sell-off contributed to a 4% drop in Ethereum's (ETH-USD) price, while Bitcoin also slid by more than 1.5%.

If the full $1.46 billion loss is confirmed, this breach would surpass all previous crypto exchange hacks, including the infamous Mt. Gox ($470 million), CoinCheck ($530 million), and the Ronin Bridge exploit ($650 million). Zhou has urged blockchain analysts to help track the stolen assets as Bybit works to contain the damage.