Name
Bybit exchange hacked, over $1.4 billion in ETH-related tokens drained
Description
Cointelegraph reports that the Singapore‑based exchange Bybit was hacked, with over $1.4 billion in liquid‑staked ETH (stETH) and other ERC‑20 tokens drained from its cold wallet. A masked transaction was used to siphon funds, but CEO Ben Zhou assured the security of other wallets.
Publish date
8:40am, Friday, February 21, 2025
Referenced by
Bybit has confirmed a hack as over $1.4 billion in ETH‑related tokens drained in a major security breach
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News story
The CEO said the specific transaction was masked to appear legitimate but contained malicious source code designed to alter the smart contract logic of the wallet and siphon funds
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Quote
Zhou confirmed that a transfer was made from the exchange’s multisignature wallet to a warm wallet approximately one hour prior
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