Bybit exchange hack. Chronology of the largest crypto theft | SecureShift

Chronology of events:


1. The hack and the first reports. 

2. Investigation and first findings.

3. Formal indictment by the FBI.

4. Bybit's response.

5. Consequences and impact on the industry.

6. Why are exchanges losing credibility?

7. SecureShift — a secure alternative.

1. Let's deal with the first point. The break-in and the first messages. 

February 21, 2025. Hackers gained access to one of Bybit's cold multi-signature wallets by using a sophisticated technique to spoof transaction data. This allowed them to bypass multi-layered security and withdraw funds to an unidentified address.

Bybit's CEO, Ben Zhou, confirmed the incident, assuring that the rest of the exchange's wallets and customer funds were not affected. The exchange continued to operate as normal and withdrawal transactions remained available to users.

2. Let's move on to the next question. Investigation and initial findings.

February 22, 2025. Cybersecurity experts linked the attack to the North Korean hacking group Lazarus, known for previous major hacks in the cryptocurrency industry. The stolen funds were spread across multiple addresses, making them difficult to trace.

3. Consider another important point. The official FBI indictment.

February 26, 2025. The FBI formally charged North Korean hackers known as the TraderTraitor and Lazarus groups with stealing $1.5 billion in cryptocurrency from the Bybit exchange. It was reported that the stolen funds could be used to finance North Korea's nuclear and missile programs.

4. Moving on — next item. Bybit's response.

February 27, 2025. Bybit announced that it is working with international law enforcement agencies and leading blockchain security experts to track and potentially recover stolen funds. The exchange also offered a $140 million reward for information that will help in the recovery of assets.

5. Focus on the following key question. Consequences and impact on the industry.

The attack on Bybit, in which hackers stole $1.5 billion in ETH, was a massive blow to the credibility of centralized exchanges. Users are withdrawing funds en masse and regulators are tightening controls.

6. Let's discuss the following important nuance. Why do exchanges lose credibility?

1. Risks of hacking — even large platforms cannot guarantee 100% protection.

2. Asset freeze — exchanges can block users' funds for internal or regulatory reasons.

3. Withdrawal delays — CEXs often tighten controls after attacks, leading to problems accessing funds.

7. A final, but no less significant point. SecureShift is a secure alternative.

Unlike exchanges, SecureShift does not store user funds and does not require registration. This means that:

1. There is no risk of hacking — funds are not held on the platform, but immediately go to the user's wallet.

2. Complete anonymity — no KYC required, which speeds up the exchange process.

3. Instant transactions — no waiting for confirmations, funds on the balance of the exchange and other delays.

The Bybit hack was another reminder, centralized exchanges are vulnerable and their users remain at risk. SecureShift offers fast, secure and anonymous cryptocurrency exchanges without middlemen and the threat of losing assets.

Don't trust exchanges, choose a secure exchange with SecureShift.