On February 21, 2025, Bybit detected an attack on its ETH cold wallet during a routine fund transfer. Hackers manipulated the smart contract logic, gaining control and stealing over 400,000 ETH and stETH, worth approximately $1.5 billion.
Bybit assures users that all other cold wallets remain secure. Withdrawals have not been halted, although some delays may occur due to high demand. The exchange also confirms that all client assets are fully backed on a 1:1 basis.
To address the incident, Bybit is working with blockchain forensic experts to investigate the attack. The team is also analyzing a potential vulnerability in the Safe.global platform that may have been exploited. Despite the breach, all trading, P2P, and card services continue to operate as usual.
Stay tuned for official updates!