coinspress.com
Bybit has reportedly suffered a massive security breach, with approximately $1.46 billion in digital assets mysteriously leaving its wallets, according to blockchain investigator ZachXBT.
The affected wallet transferred 401,346 ETH—valued at around $1.1 billion—along with various forms of staked Ether (stETH) to a newly created wallet, which has since begun selling assets on decentralized exchanges. On-chain data shows that roughly $200 million in stETH has already been liquidated.
Bybit CEO Ben Zhou acknowledged the incident, explaining that an attacker managed to gain control of a specific ETH cold wallet and moved all its funds to an unknown address. However, he assured users that other cold wallets remain secure and that withdrawals are functioning as normal.
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Despite the significant loss, Zhou emphasized that Bybit remains financially stable, stating that all client assets are fully backed on a 1:1 basis and that the exchange can absorb the financial impact of the breach.
If confirmed, this would mark the largest cryptocurrency hack in history, surpassing past breaches such as the Mt. Gox hack ($470 million), the CoinCheck incident ($530 million), and the Ronin Bridge exploit ($650 million).
Following the news, Bitcoin and Ethereum both saw declines, with BTC falling over 1.5% and ETH dropping more than 2%.