The Biggest Crypto Heist: Bybit’s $1.4 Billion Loss
Imagine this: hackers steal $1.4 billion in just one go. That’s right, a whopping 400,000 Ethereum vanished from the Bybit exchange in a blink of an eye. This isn’t some Hollywood movie; it happened for real on February 21, 2025. And guess what? The thieves managed to clean up all the loot in just 10 days!
How Did They Do It?
The sneaky hackers found a way to trick Bybit’s security system. They targeted an offline wallet, which is supposed to be super safe. But these clever crooks managed to change the rules of the game. They made the wallet show the correct address while secretly changing where the money was going. So, when Bybit’s security system checked, it thought everything was fine. But it wasn’t!
The Market’s Reaction
You might think Ethereum’s price would skyrocket with all that money gone. But no, it dropped from $2,823 to $2,685. That’s because people lost trust in Bybit. But here’s the good news: Bybit’s CEO promised to cover any unrecovered funds using the exchange’s money. They also offered a reward to catch the bad guys.
How Did They Clean Up?
Laundering $1.4 billion in 10 days? That’s like trying to wash a mountain of dirty clothes in a tiny sink! But these hackers found a way. They moved the money around like a giant game of musical chairs. First, it went to a primary wallet, then it was split into 40 different wallets. It’s like they were trying to hide their tracks. Some experts think they might have used shady exchanges to turn the crypto into real money.
What Can We Learn?
The Bybit hack is a big wake-up call. It shows us that even the biggest exchanges can be tricked. As more people invest in crypto, we need to be extra careful. Exchanges need to keep their security up-to-date, and we all need to be aware of the risks. Let’s hope Bybit’s promise to cover the losses sets a good example for other exchanges.