Massive Crypto Heist: $1.5B Stolen from Bybit!
On February 21, 2025, Dubai-based cryptocurrency exchange Bybit experienced a significant security breach, resulting in the theft of approximately $1.5 billion worth of Ethereum (ETH). This incident is considered one of the largest digital currency heists to date.
Bybit remains committed to enhancing its security infrastructure and maintaining transparency with its user base as investigations continue.
The Bybit hack was a highly sophisticated attack that targeted the cold-to-warm wallet transfer process, exploiting vulnerabilities in private key management, wallet signing mechanisms, and internal security protocols. Below is a technical breakdown of how the attackers might have executed the heist:
| Asset | Amount | Estimated Value ($) |
|---|---|---|
| ETH | 401,347 | 1,123,770,953 |
| stETH | 90,376 | 253,051,540 |
| mETH | 8,000 | 22,400,000 |
| cmETH | 15,000 | 42,000,000 |
| USDT | 90 | 90 |
Renowned blockchain investigator ZachXBT provided definitive proof to Arkham Intelligence, confirming the attack was executed by the Lazarus Group, a North Korean state-sponsored hacking entity.
The attacker deployed a malicious implementation contract on February 19, 2025, embedding hidden backdoor functions:
On February 21, 2025, the attacker exploited Bybit’s multi-signature wallet upgrade mechanism:
The attacker used DELEGATECALL, a smart contract function that allows executing external code within the context of the existing contract. This allowed the attacker to execute backdoor functions, draining all assets from the wallet.
To mitigate such risks, security teams must implement stronger operational and technical controls:
The Bybit hack of February 2025 serves as a wake-up call for the crypto industry, highlighting the vulnerabilities in multi-signature wallets, UI-based transaction verification, and social engineering risks. As hackers continue evolving their attack methodologies, exchanges must adopt stricter security measures to prevent similar catastrophic breaches in the future.
Cybersecurity
While technology-based defenses continually improve, 82% of data breaches are still caused by social engineering or human error.
Cybersecurity
There is no one-size-fits-all approach when it comes to cybersecurity; every business needs a unique cybersecurity strategy that aligns with its objectives and is suitable for the threats that particular businesses face.
Cybersecurity
To effectively mitigate these risks, CISOs must adopt a proactive approach and implement strategies that address the ever-changing cybersecurity landscape.
Cybersecurity
To have good security, it’s essential to lock down your infrastructure to prevent compromise. This is where the zero trust approach comes in.
Cybersecurity
From small businesses to major corporations, cyberattacks are becoming increasingly sophisticated and prevalent.
Cybersecurity
Data breaches have led to reputational and brand damage for 65% of organizations that failed to protect their customer data and privacy.
Cybersecurity
MSS provides a cost-effective, hassle-free solution to meet cybersecurity needs.
Cybersecurity
The RaaS model makes it incredibly easy to launch ransomware campaigns without technical expertise.
Cybersecurity
Quantum computing is not just a step forward; it’s a leap. While uncertainties remain, one thing is clear: the quantum era will redefine cybersecurity.
Cybersecurity
An insider threat is a potential risk posed by an individual within an organization who might use their privileged access or specialized knowledge to harm the organization.
Cybersecurity
Modern practices—such as Penetration Testing as a Service (PTaaS)—are revolutionizing the field.
Ready to get started? Fill out the form below and we'll get back to you in no time!
risk decrease
To: Paratus
Thank you for reaching out to us. Your request has been received, and we will get back to you within the next 24 hours. Alternatively, you can also reach us at [email protected]
To: Paratus
To: Paratus