February 21, 2025Bybit has experienced huge security breaches. The hacker probably stole it $1.46 billion In Ethereum (ETH) in Cold Wallets, this makes it the largest single theft in cryptocurrency history.
Bybit reports that the attacks occur during the daily transfer from offline “cold” wallets to online “warm” wallets. Hackers use a complex method to manipulate smart contracts for wallets so that they can take away funds.
Bybit’s CEO Ben Zhou also said that the exchange has enough money to continue running and the user funds are safe, but the activity has attracted serious concerns about the security of centralized exchanges.
In hackers, blockchain investigators zachxbt Noted that unusual transfers were worth $1.46 billion, including Meth and steth.
The stolen funds were then divided into many smaller funds: 10,000 ETH to 39 wallets, and another 10,000 ETH added 9 wallets. By February 26, 2025, the FBI linked the hackers to North Korea’s Lazarus Group. This is a well-known hacker team.
This theft is much greater than past events, such as the 600 million Ronin cyber hacking attack in 2022 and shows the severity of the communication threat.
How Hackers Violate Bybit: Technical Explanation
The attacker uses a complex technique called “Smart Contract Replay Attack” make money. Technically, this attack takes advantage of how smart contracts handle transactions on the Ethereum network.
Bybit’s cold wallet uses multi-signature smart contracts. This requires several approvals to transfer funds. Hackers discovered a vulnerability in the contract code that enabled them to reuse or “replay” effective transactions to deceive the system.
This is the hacking process: First, the attacker tracked Bybit’s wallet movement and found that legitimate transactions transferred ETH from cold wallets to hot wallets. Transactions are signed with appropriate private keys and strictly abide by the rules of the contract.
The attacker then proceeds to create a fake transaction that simulates the original details. This includes the same unique code (“nonce”), but the destination address has been changed to one belonging to the hacker. Typically, blockchains reject the same transaction, but in this case, the hacker uses a process called “Transferability of transactions”. This allows them to slightly modify the digital signature of the transaction without modifying their basic information, which makes it look new to the system.
The modified transactions and network congestion incidents are then posted to the Ethereum network at the same time. This congestion is likely created by the hacker itself, with a large number of small transactions. The smart contract considered it legal and then sent $1.46 billion in ETH to the attacker’s wallet. Funds have been transferred before Bybit’s security team can detect it.
BTCC Exchange: A safe and reliable alternative to crypto transactions
BTCC It is a cryptocurrency exchange established in 2011. There has been no security breach in the past 14 years. It provides global users with transactions in Bitcoin, Ethereum and other cryptocurrencies. After Bybit’s $1.46 billion loss, the platform stands out with a trusted crypto-freight alternative.
Exchange provides Spot trading and futures trading. Futures trading allows betting on future prices up to 500x leverage. BTCC supports more than 300 trading pairs, such as BTC/USDT and ETH/USDT, which provides users with many options.
BTCC ensures user funds are secure and has strong security. The exchange stores most user funds in offline refrigeration. It uses a multi-signature wallet and requires three approvals for withdrawals. BTCC conducts an audit with companies like Hacken every six months, proving that user assets are 100% collateral.
Read our details BTCC Exchange Comments here.
No security vulnerabilities in 14 years
BTCC’s strengths are a perfect safety record since 2011. In more than 14 years, it has never experienced hacking attacks that occur in other communications, e.g. Gox Mountain in 2014 lost $500 million or Bitfinex in 2016, with a loss of $72 million.
In 2024, cryptocurrency exchanges collectively lost $2.2 billion, up 21.1% from the $1.8 billion they lost in 2023. However, BTCC has never been hacked, indicating BTCC’s resilience to obtaining funds from users.
BTCC has many safety precautions. Most user funds are stored in cold storage, offline and secure. It also uses a multi-signature wallet, which requires multiple signatures to transfer funds. There are regular security audits, advanced encryption and 24/7 monitoring to add to the protection layer. BTCC’s measures have proven effective as hackers such as Lazarus Group steal billions of dollars in attacks.
Welcome bonus USDT
BTCC also provides new users with Registration bonus is USDT. This is much larger than a typical bonus, usually between $10 and $50. Users can request it after registering and verifying their account, and then use it for transactions or withdrawals after the basic requirements are met.
The final thought
in short BTCC It is a safe and trustworthy cryptocurrency exchange. Compared to Bybit, BTCC has been running for 14 years without a single hack, while BYBIT lost $1.46 billion in February 2025. BTCC stores most funds with refrigerated amounts and multiple signature wallets to protect customers.
BTCC provides more than 300 trading pairs and futures with up to 500 times leverage to meet various trading needs. BTCC provides new users with 10,055 USDT Bonusabove the typical incentives of $10 to $50.
