Bybit confirms breach but assures users
Bybit CEO Ben Zhou acknowledged the security breach on Friday, clarifying that the attack affected only a single Ethereum wallet. The company assured users that all other wallets remained secure and that withdrawals and trading operations continued without disruption.
“All client funds are safe, and our operations continue as usual without any disruption,” Bybit stated, noting that it remains financially solvent and has adequate reserves to cover the loss.
Who is behind the attack?
Blockchain security experts suspect that North Korean hackers may be responsible for the heist, Financial Express reported. On-chain analyst ZachXBT and research firm Arkham Intelligence reported that the stolen funds have begun moving across various addresses, with attempts to liquidate them already underway.
According to blockchain security firm Elliptic, this breach is now the largest financial cyberattack in history, surpassing the 2021 Poly Network hack, where attackers stole $611 million.
How is Bybit handling the loss?
To reassure customers, CEO Ben Zhou appeared on a livestream, stating that the exchange had secured 80% of the funds needed to cover losses through bridge loans. The company also confirmed that legal action is being pursued against the hackers to recover the stolen assets. Bybit users can still withdraw funds, and the exchange insists it will fully recover from the incident.
Crypto heists: A growing threat
Bybit’s hack is the latest in a series of massive cryptocurrency thefts, underscoring the persistent risks associated with digital assets. The industry has recorded over $2.5 billion in crypto thefts, according to cointribune, with some of the largest heists including:
Coincheck (2018) – $534 million: Japanese exchange Coincheck was hacked, resulting in the theft of NEM tokens. The company later reimbursed 260,000 affected users.
Poly Network (2021) – $600 million: A cross-chain protocol was breached, but the hacker later returned most of the stolen funds, except for $33 million.
Ronin Network (2022) – $600 million: An Ethereum sidechain linked to the game Axie Infinity was hacked, with only a small portion of funds recovered.
As hackers continue to exploit vulnerabilities in exchanges and blockchain networks, the incident serves as a reminder that even major platforms are not immune to cyber threats. The discussion needs to move around stricter security protocols and regulatory oversight in the crypto industry.
For users, the breach reinforces the importance of safeguarding digital assets through measures like hardware wallets and two-factor authentication. Meanwhile, all eyes are now on Bybit as it works to contain the fallout from one of the largest crypto heists in history.
