The cryptocurrency world is abuzz today as Bybit, one of the globe’s leading exchanges, dominates conversations across platforms like X. The reason? A major security incident that unfolded last night, February 21, 2025, involving a sophisticated attack on one of Bybit’s Ethereum (ETH) cold wallets. With reports estimating losses between $1.4 billion and $1.5 billion in ETH and related tokens, this breach has not only shaken the crypto community but also propelled Bybit to the top of trending topics.
The Incident Unraveled
It all began when Bybit’s official X account posted an alert about “unauthorized activity” detected in an ETH cold wallet—a supposedly ultra-secure offline storage system. According to the exchange, the breach occurred during a routine transfer to a warm wallet, only to be hijacked by an attacker who manipulated the transaction’s multisignature signing process. Bybit’s CEO, Ben Zhou, later confirmed the incident, assuring users that only the ETH cold wallet was affected, while hot wallets, warm wallets, and other cold storage remained secure.
Within hours, on-chain sleuths like ZachXBT flagged massive outflows—over 401,000 ETH, valued at approximately $1.13 billion—moving to unknown addresses. Some reports suggest the total could climb as high as $1.5 billion, making this one of the largest crypto heists in history, surpassing even the infamous 2022 Ronin Network exploit. The sheer scale of the breach has fueled speculation and concern, with X posts reflecting a mix of panic, curiosity, and admiration for Bybit’s rapid response.
Bybit’s Response: A Community Effort
Bybit didn’t waste time. In a series of updates on X, the exchange detailed its countermeasures: borrowing ETH to ensure withdrawal liquidity, boosting USDT and USDC reserves, and collaborating with industry partners who “stood by us through the sleepless twelve hours,” as one post noted. Zhou himself announced a livestream to address the incident, promising transparency and answering user questions—an event that further amplified the trending chatter.
The exchange’s proactive stance has earned praise across X, with users highlighting the teamwork between Bybit, security teams, and on-chain analytics providers working to trace the stolen funds. “A huge thank you to our partners and community,” Bybit posted early this morning, crediting their swift support for stabilizing operations. Yet, questions linger: How did such a sophisticated attack slip through, and what does it mean for trust in centralized exchanges?
Why It’s Trending
Bybit’s trending status isn’t just about the hack—it’s the ripple effect. The crypto market felt the jolt, with Ethereum prices dipping nearly 4% to below $2,700 as news broke, while Bitcoin slid from near $100,000 to $97,000. Posts on X reflect a mix of sentiments: some users marvel at the audacity of the attack, others debate exchange security, and a few even speculate about the culprits—fingers pointing toward groups like North Korea’s Lazarus Group, known for similar high-stakes heists.
The timing adds fuel to the fire. February 2025 has already seen a spike in crypto breaches, and Bybit’s incident—potentially accounting for over 50% of last year’s total crypto thefts—has reignited the “not your keys, not your crypto” mantra. X users are dissecting Bybit’s security protocols, with some calling it a wake-up call for the industry, while others laud the exchange’s solvency claims and bridge loan from undisclosed partners to cover losses.
What’s Next?
As Bybit works with authorities and forensic experts to track the funds, the crypto community watches closely. Zhou’s assurance that “all client funds are safe” and operations remain uninterrupted has calmed some nerves, but the incident underscores a harsh reality: even top-tier exchanges aren’t immune to attack. The livestream, now a focal point of discussion on X, could shape public perception further—will it restore confidence or raise more questions?