In what is a development for the Cryptocurrency industry, Bybit has confirmed an Ethereum hack of $ 1.4 billion. In fact, both Cryptocurrency Exchange founder, Ben Zhou and the platform itself have confirmed the event in a mail to x (Former Twitter).
Hacker stole more than $ 1.4 billion in liquid stacked ether and metaeth (meth), according to blockchain security analysts Zackxbt. Zhouh updated users, who revealed a bybit ETH Multisig Cold wallet that had made the transfer a warm wallet to steal the funds. But he assured users, “all other cold wallets are safe.”
Only in: Bybit -founder confirms $ 1.4 billion $ hedge.
– watcher.guru (@watcherguru) February 21, 2025
Bybit is facing $ 1.4 billion Ethereum Hack, the founder confirms
The Cryptocurrency market has taken massive progress this year. In fact, in 2025, a number of nations have embraced the asset class as never before. Nevertheless, an important part of that growth is still learning to protect it. Too much of its existence, theft of cryptofonder has been an increasing concern.
The crypto market saw another massive violation on Friday. Specifically, the remarkable Cryptocurrency exchange confirmed bybit that $ 1.4 billion in Ethereum was hacked. In fact, the platform lost the funds after losing control of an ETH wallet, the founder confirmed.
Also read: Bybit becomes the second largest crypto exchange
“Our security team, along with leading blockchain forensic experts and partners, actively investigates the incident,” added the platform. In addition, they assured that “all client funds are safe and our business continues as usual without interference.”
The situation is an unfortunate by -product from the growing industry. Yet it has not been undeniable. US Securities and Exchange Commission (SEC) announced a NEW Cyber Unit To fight Cryptocurrency — fraud. It is the latest driving force to embrace crypto from the country. In addition, it should help to discourage things like this from continuing to happen.
