$1.4B of Ethereum Hacked from Bybit

In one of the largest targeted cryptocurrency platform thefts in history, Bybit was recently hacked for over $1.4 billion worth of Ethereum. On February 21, 2025, Bybit was allegedly moving the funds from a cold wallet to a warm one when the incident occurred.

A cold wallet keeps its private keys offline to keep everything more secure, whereas a warm one is fully online and connected. While attempting to make the transfer, a sophisticated attack interfered with the signing interface.

The result was that the funds displayed the correct address on the surface, but the underlying smart contract logic details were fundamentally altered to ensure the crypto would never reach the intended destination. Instead, the coins were distributed to multiple wallets.

Investigators currently believe the $1.46 billion of Ethereum was taken overall, and 20,000 ETH coins were distributed to 48 addresses. In all, the CEO of Bybit, Ben Zhou, says 401,000 ETH coins were stolen. Zhou reassured customers that no other wallets were impacted, so there’s no ongoing threat to users of the platform. Additionally, Bybit has already secured loans to help cover 80% of the stolen ETH.

Despite the reassurance, the platform experienced massive withdrawals after the incident. Right now, Bybit is offering $140 million as a reward for anyone who is able to trace and freeze the funds that were stolen.

Can You Recover Cryptocurrency After a Hack?

Have you ever lost cryptocurrency, Bitcoin, or access to your digital wallet as a result of a criminal hack? If so, then it’s important to understand your options and rights. For one, you might be able to pursue criminal charges against the perpetrator. For another, you might be able to recover access to your accounts or lost cryptocurrency by getting in touch with a cryptocurrency recovery expert.

Here at Bitcoin Recovery Co, our team can help you determine if you have any options when it comes to regaining access to your accounts. Our team is comprised of bar-certified attorneys with Bukh Law Firm and some of the world’s most elite ethical hackers from Cyber Sec, a cybersecurity company. Together, our team will take aggressive but legal steps towards recovering your cryptocurrency or access to your digital wallet. We will leave no stone unturned in our efforts to get your money back.

Over the years, we’ve helped over 100 customers recover over 2,000 Bitcoins. We’ve also resolved over 30 complex cases. Not only can we help with hacking situations, but we can also help you if you simply forgot your wallet password, your wallet has become inaccessible due to software issues or being in watch only mode, or your currency was transferred to an invalid address. We can help with deleted data, storage defects, viruses, and more.

Get started on your cryptocurrency recovery journey today by leaving some details about what happened on our online form. This will help us connect you with the right expert so that you can address your digital currency concern as soon as possible.