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Bybit Hack Explained: How $1.5B of ETH Vanishes Overnight
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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The $1.5 billion Bybit hack shook the crypto market…
Leaving even loyal users second-guessing the platform’s security. If you’re not actively protecting your funds, you’re already at risk of:
- Losing your funds in the next major exchange hack.
- Getting frozen withdrawals and unauthorized access.
- Watching your assets disappear without compensation or warning.
So, how did Bybit react to the hack – and can you still trust the platform?
In this post, you’ll learn everything about Bybit’s attack, its impact, and a safer alternative with bulletproof security and lucrative rewards like 10,055 USDT just for signing up.
Let’s get started.
Details of the Hack
Bybit, one of the most popular cryptocurrency exchanges, was hacked in February 2025. This is one of the largest cryptocurrency heists – with hundreds of millions of Ethereum (ETH) stolen.
The breach happened in two steps:
- The compromise of the user interface. Attackers gain unauthorized access to admins’ computers and inject malicious code into the user interface. When a transaction was made, the funds were redirected to the hackers.
- The compromise of the multi-signature system. Bybit’s protocols require multiple approvals for legitimate transactions. The hackers’ malicious code tampered with this system. Whenever you signed up, you automatically approved the malicious transactions.
Also, attackers moved part of Ethereum through obscure mixers, cross chain bridges, and Tornado Cash, making tracking harder (some stolen crypto may have been converted into fiat currency through decentralized exchanges).
Here’s what Bybit CEO Ben Zhou had to say about the attack.
Why Was Bybit Targeted?
Bybit was targeted by North Korean hackers because of these four factors:
- High-value, high-volume exchange. Bybit is one of the largest global crypto exchanges.
- Multi-signature security system. Bybit’s security system becomes vulnerable if just one part of the system is compromised (as happened here with the user interface).
- Predictable behavior with strict policies. Bybit follows the same routine every day. Hackers used this by slipping in harmful code when staff approved transactions through predictable daily routines.
- Light regulations. Bybit is in Dubai and doesn’t follow strict rules like U.S. or European exchanges. Hackers from North Korea used this to find weak spots and compromise their systems.
This wasn’t just any random attack, it was tailored specifically for how Bybit operates.
Who Was Responsible?
Authorities and blockchain analytics firms are still following the money trail to trace where the stolen assets were moved. The Federal Bureau of Investigation (FBI) and cybersecurity companies are investigating this breach and attribute the attack to the Lazarus Group.
The Lazarus Group is a Democratic People’s Republic of Korea state-backed hacking organization. They’ve been active since 2009 and are behind some of the largest cyberattacks.
Can You Still Trust Bybit After the Hack?
While Bybit has implemented security enhancements, it may not be safe to use due to serious security concerns and a lack of strong protection for users.
- Follows predictable routines
- Outside strict U.S. and EU regulations
- No clear guarantee to refund users after a breach
- Hacked through its transaction approval system
If you hold funds on Bybit, we recommend you to reduce your exposure.
While the platform is still operating, the breach shows that even internal processes can be compromised. Until Bybit proves it has fixed these vulnerabilities and ensures that stolen tokens are accounted for, moving your digital assets to a secure and regulated exchange is advisable.
Why BTCC Remains the Safest Choice for Traders
You may now question Bybit’s security, especially after so much stolen money disappeared in minutes. If you wonder what a safer alternative is, we’ve got you covered.
BTCC is your best choice – the safest crypto platform in the world.
Unbreakable Security
BTCC is the safest platform with its 14-year history without security breaches.
This makes BTCC one of the oldest and most reliable crypto trading platforms. While Bybit, KuCoin, and even Binance suffered high-profile attacks, BTCC has maintained an unbroken streak of protection.
Robust Security Protocols
BTCC uses industry-leading security architecture to ensure users’ funds and data are protected:
- Multi-signature wallets. Transactions require authorization from multiple independent keys, making it nearly impossible for a single compromised device or insider to steal funds.
- 2-factor authentication. Strong 2FA is enforced at login, withdrawals, and critical account actions.
- Cold wallet. The majority of funds are kept in offline cold wallets, inaccessible via the internet.
- Anti-phishing. Customized anti-phishing alerts help you avoid falling for fake BTCC emails.
Continuous Safety Innovations
BTCC is constantly upgrading user safety with the most advanced security features:
- Regular security audits. BTCC collaborates with top-tier cybersecurity firms for routine code and infrastructure reviews.
- Penetration testing. White-hat hackers simulate attacks on BTCC to identify and fix vulnerabilities before attackers exploit them.
- Bug bounty programs. Ethical hackers are rewarded for disclosing any bugs they find.
- Real-time monitoring. 24/7 automated systems detect suspicious behavior and flag anomalies.
Ready to protect your funds with a safer platform?
Sign up for BTCC here and claim up to 10,055 USDT in welcome bonuses just for completing simple tasks like signing up, verifying your account, and trading.
BTCC with Rewarding Safety & Lucrative Bonuses
BTCC rewards new users with a welcome bonus of up to 10,055 USDT, which is one of the most generous offers in the crypto industry.
The best thing about it – it’s as simple as:
- Signing up for a BTCC account.
- Completing verification to secure your account and unlock eligibility.
- Making a qualifying deposit and finish basic trading tasks within 30 days.
Low Entry Barrier
The safest crypto platform welcomes everyone – even people who are beginning with crypto.
There’s also no pressure to deposit immediately (unlike many other crypto companies). Rather than tying rewards to big spending or complex strategies, BTCC breaks the bonus process into bite-sized tasks.
Leverage and Margin Trading
BTCC lets you trade with up to 500x leverage, so you can make big trades with a small amount of money. Even small market moves can mean big profits:
- Flexible risk control with adjustable leverage and margin settings
- Real-time updates on your trades, risks, and liquidation levels
- Built-in safety tools like stop-loss, take-profit, and auto-protection
Ready to Trade Crypto with Confidence?
While we still don’t have all the details about the Bybit hack, we know that millions in user funds were compromised, and many traders ask the question:
Could this happen to me tomorrow?
This incident highlights a hard truth — even major platforms aren’t immune. In crypto, security isn’t a feature, it’s a necessity. And when trust is broken, it’s time to rethink where and how you trade.
That’s why more traders are moving to BTCC – a platform that is:
- Flawless, with a 14-year track record of zero hacks
- Backed by rock-solid security protocols
- Built on trust and transparency
Don’t just protect your crypto with the safest platform in history – get rewarded for it, too.
Secure your digital assets with BTCC and claim up to 10,055 USDT in welcome bonuses right now. Don’t wait for your funds to get stolen; make the right decision today.
FAQ
Most frequent questions and answers
Approximately $1.5 billion worth of stolen assets, mostly Ethereum, were taken from Bybit. The Bybit exploit in February 2025 resulted in a massive security breach, marking one of the largest cryptocurrency heists to date.
Following the hack, Bybit issued a swift response, restoring its withdrawal system and implementing enhanced security measures. But it still may not be the safest choice.
North Korean hackers compromised a third-party wallet interface used by Bybit, letting them alter crypto transactions and redirect funds stolen from users. This led to the loss of $1.5 billion in Ethereum, in which attackers attempted to launder stolen funds across various networks using mixers and decentralized tools.
Bybit doesn’t operate in the US due to regulatory restrictions imposed by U.S. financial authorities. The platform hasn’t obtained the approval to offer its services to U.S. residents.
If you have stolen funds due to the Bybit hack, contact Bybit’s customer support team directly. The exchange has issued updates through official channels and is working with affected users.
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
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