A Complete Review of the Bybit Hack: How Did Hackers Steal $1.5 Billion in Assets?

Gate.io 100% reserve check link: https://www.gate.io/proof-of-reserves

In the relatively short history of cryptocurrency, there have been numerous incidents of large amounts of encrypted assets being stolen. Exchanges such as Mt. Gox, Bitfinex, Coincheck, Binance, KuCoin, and Bybit have all suffered various forms of attacks. The Mt. Gox incident is particularly famous, where hackers stole 850,000 bitcoins through a hot wallet vulnerability, ultimately leading to the bankruptcy of the exchange. The Bitfinex attack exploited a multi-signature wallet vulnerability, resulting in a loss of approximately 119,756 bitcoins. In other incidents, exchanges have responded in different ways, including freezing assets, issuing tokens to compensate for user losses, and strengthening security measures. Through blockchain analysis and law enforcement cooperation, some of the stolen funds have been traced and frozen, but the majority of the funds have still not been recovered.

And just last night, on-chain analyst ZachXBT suddenly announced on his own Telegram channel that Bybit’s hot wallet was attacked, with over $1.5 billion ETH being unusually transferred out. This amount also becomes the largest stolen amount in the history of cryptocurrency, and even in the traditional financial sector.

Later, the rumor was confirmed by Bybit co-founder Ben Zhou. Ben stated that besides the stolen $1.5 billion worth of ETH, the assets in other cold wallets are safe, and all user assets are fully backed 1:1. Faced with the sudden blow to the market, Ben still adhered to an attitude of honesty, openness, and sincerity, and quickly went live on X platform to give a shot in the arm to all users worried about the security of their assets.

After Bybit was hacked, multiple security experts analyzed the ins and outs of the hack and also indicated that the difficulty of recovering funds is very high. At the same time, many Chinese trading platforms, including Gate.io, have extended a helping hand to Bybit. Gate.io contacted Bybit for the first time, willing to provide all possible assistance in security, especially in security technology, fund tracking, interception, and other aspects. This incident highlights the vulnerability of cryptocurrency exchanges in the face of complex attacks, as well as demonstrating the collaborative spirit of the Web3 industry.

From the Mt. Gox incident in 2014 to the Bybit hack in 2025, hackers stole exchange assets by manipulating smart contract logic, hot wallet vulnerabilities, improper key management, and smart contract vulnerabilities. These security incidents have exposed the complex threats faced by cryptocurrency exchanges, highlighting the necessity of strengthening cold wallet protection, smart contract audits, and multi-signature mechanisms. In addition, industry collaboration and transparency are also considered important factors in enhancing security, with platforms like Gate.io enhancing asset security through high reserve ratios and zero-knowledge proof technology. In the future, Gate.io will also introduce more cutting-edge technologies in trading, such as artificial intelligence and blockchain analysis, to enhance security defenses.