Bybit News: Major Hack Leads to $1.4 Billion Theft, with Partial Fund Recovery Hope

417K ETH converted into BTC – Market Volatility Possible in Next Few Days

Some of the stolen Bybit funds, totaling $1.4 billion (around 500,000 ETH), are traceable, while others have vanished into untraceable channels. 77% of the stolen funds remain traceable, providing some hope for recovery. However, 20% have disappeared, making them exceedingly difficult to track. Additionally, 3% of the funds have already been frozen. The crypto community remains on high alert as the infamous Bybit hack triggered a major FUD moment across the crypto market.

Bybit Breach Involving Safe{Wallet} Highlights “What You See is NOT What You Sign” Issue

On Feb 21, 2025, Bybit’s treasury team used Safe{Wallet}’s multi-signature workflow to transfer assets from a cold wallet to a warm wallet. During this process, attackers exploited the system and stole $1.4 billion in assets. Sygnia’s investigation revealed that the AWS S3 bucket of Safe{Wallet} was compromised, with hackers deploying malicious JavaScript code targeting Bybit. This code altered transaction details during the signing process. Safe{Wallet} has stated that its smart contracts remain unaffected.