Bybit has suffered one of the largest crypto hacks in history, with over $1.46 billion worth of Ethereum and staked assets drained from the exchange’s cold wallet. According to ZachXBT, the blockchain analyst who first flagged the suspicious outflows, the hacker moved 401,346 ETH—worth approximately $1.1 billion—along with staked Ether (stETH-USD) and MegaETH (mETH) to a fresh wallet, where they have begun liquidating the stolen funds.
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Bybit’s CEO Ben Zhou confirmed the attack, stating, “A hacker took control of the specific ETH cold wallet and transferred all the ETH in the cold wallet to this unidentified address.” He assured users that “all other cold wallets are secure” and that withdrawals remain unaffected.
Ethereum Prices Drop as Hacker Dumps Funds
Following the hack, the attacker quickly began offloading the stolen funds, selling around $200 million worth of stETH on decentralized exchanges, according to Etherscan. This sell-off contributed to a 4% drop in Ethereum’s (ETH-USD) price, while Bitcoin also slid by more than 1.5%.
Largest Crypto Hack in History?
If the full $1.46 billion loss is confirmed, this breach would surpass all previous crypto exchange hacks, including the infamous Mt. Gox ($470 million), CoinCheck ($530 million), and the Ronin Bridge exploit ($650 million). Zhou has urged blockchain analysts to help track the stolen assets as Bybit works to contain the damage.