Bybit Celebrates Two Million Users with BTC Giveaway and Exclusive Collectibles

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has reached a significant milestone with its Bybit Card, surpassing two million users. To commemorate this achievement, the platform has launched an exciting campaign featuring a limited-edition virtual collectible and a chance to win 1 BTC. The promotion, which runs until August 24, 2025, also includes cashback rewards and referral incentives, offering both new and existing users an opportunity to participate. This initiative highlights Bybit's commitment to innovation and user engagement in the rapidly evolving cryptocurrency landscape.

Bybit Card Hits Two Million Users, Launches BTC Giveaway and Limited-Edition Collectible

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has surpassed two million users for its Bybit Card. To celebrate, the platform is offering a limited-edition virtual collectible and a chance to win 1 BTC. The campaign runs until August 24, 2025, and includes cashback rewards and referral incentives.

New and existing users can register to receive the Bybit Card 2M collectible, symbolizing early participation in the crypto ecosystem. Activating the card unlocks up to 10% cashback for 30 days and eligibility for the BTC prize. The event features two reward mechanisms: a referral program for tiered cashback boosts and a spending-based contest where every 50 USDT spent earns an entry.

Multisig Failures Lead to $2B in Web3 Hacks During First Half of 2024

Crypto investors suffered approximately $2 billion in losses due to hacks in the first half of 2024, with the first quarter alone surpassing the total losses for the entire year, according to security firm Hacken. Multisignature wallets, designed to require multiple approvals for transactions, were frequently compromised due to UI tampering and mismanagement of signers.

The largest breach occurred at centralized exchange Bybit, where a $1.46 billion hack stemmed from a compromised safe-wallet interface that deceived authorized signers. This marked the third consecutive quarter where multisig vulnerabilities enabled the biggest exploit. Rug pulls accounted for $300 million, while phishing and social engineering scams contributed nearly $100 million in losses.

Access-control failures dominated attack vectors, responsible for over 80% of stolen funds. Smart contract flaws played a negligible role, comprising less than 2% of losses. Hacken advocates shifting from reactive audits to AI-powered real-time monitoring systems that validate multisig transactions, detect anomalous signer activity, and trigger automated safeguards.

Crypto Industry Loses Over $3.1 Billion to Scams and Hacks in First Half of 2025

The cryptocurrency sector has suffered staggering losses in the first six months of 2025, with scams, breaches, and hacks draining over $3.1 billion from the ecosystem. This figure already eclipses the total losses recorded for the entirety of 2024, according to Hacken’s mid-year Web3 security report.

Access control failures accounted for the lion’s share of the damage, totaling approximately $1.83 billion. The most catastrophic incident was the February exploit of Bybit, where attackers siphoned $1.46 billion after compromising a signer to gain control of wallets. Other notable breaches included the Infini protocol’s $50 million heist by a former developer, zkSync’s $5 million theft due to a flawed multisig setup, and a politically motivated $90 million breach of Iran’s Nobitex exchange.

DeFi platforms were not spared, losing $263 million to smart contract vulnerabilities. The relentless wave of exploits—ranging from phishing scams to AI-powered attacks—underscores the industry’s pressing need for robust security measures.

Crypto Security Crisis Deepens in 2025 as Human Errors and AI Hacks Surge

The cryptocurrency sector faces escalating security threats in 2025, with human vulnerabilities and AI-driven exploits driving record losses. Over $3.1 billion vanished from crypto platforms in just six months—eclipsing 2024's total—as attackers blend sophisticated technology with psychological manipulation.

Access control failures dominate the crisis, responsible for 59% of losses. The $1.46 billion Bybit heist exemplifies the trend, where North Korean operatives hijacked a wallet's delegate call setup through a compromised interface. Meanwhile, AI-powered phishing campaigns and social engineering scams are evolving faster than defensive measures.

Security analysts emphasize a paradigm shift: robust smart contracts alone no longer suffice. The new frontline combines technical safeguards with operational discipline and user education—a trifecta increasingly vital as threats migrate from code vulnerabilities to human behavior.