In an unprecedented cybersecurity breach, cryptocurrency exchange Bybit reported the theft of $1.46 billion in cryptocurrency from its ETH cold wallet. The attack, which exploited a sophisticated manipulation of the signing interface during a routine transfer between cold and warm wallets, marks the largest cryptocurrency hack to date.

The attacker successfully gained control of the affected ETH cold wallet by altering the smart contract logic while displaying legitimate wallet addresses. According to crypto investigator ZachXBT, the stolen funds, approximately 401,346 ETH, have already been partially dispersed, with 10,000 ETH split across 48 different addresses.

Bybit’s CEO assured users that:
– All other cold wallets remain secure
– Client funds are safe and fully backed
– Exchange operations continue unaffected
– The company remains solvent regardless of recovery outcomes

This incident significantly surpasses previous major cryptocurrency heists, including:
– Axie Infinity’s Ronin network breach ($620 million) in March 2022
– Poly Network attack ($611 million) in August 2021

The exchange is currently working with blockchain forensic experts to investigate the incident and track the stolen funds. This attack adds to the growing concerns about cryptocurrency security, particularly as North Korean state-backed groups were reported to have stolen $1.34 billion in cryptocurrency through 47 cyberattacks in 2024.