Bybit Hack: A Big Crypto Robbery and Fast Money Laundering
In February 2025, a huge problem happened in the world of cryptocurrency. Bybit, a big crypto exchange, lost about $1.4 billion because of clever hackers[1][3]. This was the biggest hack ever! It shook investors and showed that even the safest systems can have problems. The hackers found a way to bypass security checks and take a lot of Ethereum[1]. But here’s the really surprising part: they managed to clean, or launder, all the stolen money in just 10 days[1]!
How the Hack Happened
The hackers targeted a special kind of wallet called a cold wallet, which is usually very safe. But they tricked the system by changing the smart contract logic while showing the right wallet address. This way, they could control the cold wallet and take the money without setting off alarms[1]. They took 401,347 ether and other Ethereum-based tokens, which was more than $1.4 billion[3].
What Happened to the Market
The hack made the price of Ethereum drop from $2,823 to $2,685 because investors were worried about the safety of their digital money[1]. But Bybit said that users’ funds were safe and that the exchange could cover any losses using its own money[3]. This hack also showed that crypto heists are becoming more common. In 2024 alone, over $1.49 billion was lost to hacks[1].
How the Money Was Cleaned
We don’t know the exact details of how the hackers cleaned the stolen money, but they did it very quickly and efficiently. Usually, cleaning stolen cryptocurrency means turning it into real money using different methods, like decentralized exchanges or mixing services. The fact that they cleaned all the money in just 10 days shows that they had a very good plan and network[1].
What We Can Learn
An Important Summary
The Bybit hack is a big warning about the dangers in the cryptocurrency world. It shows that we need strong cybersecurity measures, like using multi-signature approvals and non-custodial wallets to stay safe[5]. As the crypto industry grows, so do the attacks. The hackers’ ability to clean so much money so fast shows that we need better rules and cooperation between exchanges to stop illegal transactions[5].
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Sources:
– Fintech Weekly
– NetSource One
– Morningstar
– Lizedin
– S&P Global