6 hours ago
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February 23, 2025 | 11:48 am
TEMPO.CO, Jakarta - Leading crypto exchange, Bybit, revealed that they have experienced a major hack resulting in the loss of digital assets worth approximately US$1.4 billion or around Rp 22.79 trillion (at an exchange rate of Rp16,279 per US dollar). Citing a report from Tech Crunch, this hack is considered the biggest crypto theft in the industry's history.
Bybit stated that a hacker successfully took over their Ethereum wallet and transferred around 401,000 ETH to an unknown address. "The Ethereum wallet is the only one that was attacked, and all other exchange wallets remain unaffected, with withdrawals proceeding as normal," said Bybit CEO Ben Zhou in a social media post on X, quoted on Sunday, February 23, 2025.
Zhou also emphasized that despite the significant impact of this hack, the company's financial condition remains stable. "Bybit remains in a state of solvency, even if the losses from this hack cannot be recovered, all client assets are 1:1 backed, we can cover the losses," said Zhou, cited from a Reuters report.
Blockchain analytics company, Elliptic, confirmed that the total value of stolen ETH reached approximately US$1.4 billion, making it the largest hack ever recorded in the crypto industry. Previously, the record for the largest theft was held by the Poly Network hack in 2021 with a loss of US$611 million.
Bybit, based in Dubai, United Arab Emirates, had total assets of approximately US$16 billion before this incident occurred. Despite experiencing significant losses, Zhou asserted that the company remains in a solid financial condition and will cover the losses without affecting user assets.
Bybit serves over 60 million users worldwide and provides access to various cryptocurrencies, including Bitcoin and Ethereum. "All client funds are safe, and our operations continue as usual without disruption," the company said.
This attack adds to the long list of hacking cases in the crypto industry that continue to increase from year to year. According to data from Chainalysis, the total amount of stolen crypto assets throughout 2024 had reached approximately US$2.2 billion, indicating that security in this sector remains a major challenge.
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