On February 21, 2025, cryptocurrency exchange Bybit experienced a major incident: hackers withdrew approximately $1.5 billion in Ethereum (ETH) and related tokens from the platform's cold wallet. The incident was one of the largest hacks in the history of cryptocurrency exchanges in recent years and brought attention to vulnerabilities that can be exploited even on large and well-protected platforms. According to experts' preliminary analysis, the attack was carried out using social engineering and phishing techniques, which allowed the attackers to bypass security systems and carry out the operation virtually undetected.
How the hack happened: details of the incident
The Bybit hack was not the result of exploiting a technical vulnerability in the software or blockchain. Instead, the hackers used social engineering and phishing techniques targeting the human element. Experts suggest that the attackers could have sent fake emails, messenger messages or even created fake web pages mimicking Bybit's official website to the exchange's employees. Such attacks are often disguised as legitimate requests, such as notifications to update a password or confirm a transaction.
Having gained access to sensitive information and accounts, the hackers were able to initiate withdrawals from the cold wallet. Notably, their actions were disguised as normal transactions, which allowed them to remain undetected until a significant amount of money was transferred to addresses under their control. This incident demonstrates how dangerous attacks based on manipulating people rather than hacking technology can be.
Bybit's reaction: what the exchange did
Bybit's management promptly responded to the incident. In an official statement, representatives of the exchange confirmed the fact of hacking, but assured users that client assets remain safe. “All user funds are protected at a 1:1 ratio and the exchange retains full solvency,” Bybit CEO Ben Zhou said. The company also said that it is already working with law enforcement and leading cybersecurity experts to investigate the attack and prevent similar cases in the future. In addition, Bybit promised to review its security protocols to ensure that similar incidents do not happen again.
Implications and lessons for the crypto industry
The Bybit hack was yet another reminder that even the biggest players in the cryptocurrency market are not immune to cyber threats. Social engineering and phishing remain some of the most effective tools in hackers' arsenal, as they exploit human inattention or gullibility rather than technical weaknesses. This case underscores the need to raise awareness among both exchange staff and users. With cryptocurrencies growing in popularity and trading volumes increasing, security issues are becoming critical.
Tips for users: how to protect yourself from such attacks
To avoid becoming a victim of phishing or social engineering, users of cryptocurrency platforms are advised to adhere to the following precautions:
- Check links before clicking: Make sure you are on the official website of the exchange and not on a fake page. Pay attention to the website address in the browser bar - even a small difference (for example, “tradex.co” instead of “tradex.by”) can indicate a phishing resource.
- Use two-factor authentication (2FA): Activate 2FA on all of your accounts. This will add an additional barrier that will make it difficult for attackers to gain access, even if they get your password.
- Don't trust suspicious messages: Be wary of any requests for personal information, keys or codes, even if they look like official notifications. Always verify the source through official communication channels.
- Keep funds safe: For large sums, use hardware wallets that are not connected to the internet and are less vulnerable to online attacks.
Conclusion: security is a shared responsibility
The Bybit incident shows that in the world of cryptocurrencies, security depends not only on technology, but also on the vigilance of every participant in the ecosystem. Crypto exchange Tradex.by, for example, uses modern protection methods, including mandatory two-factor authentication (2FA), to minimize risks for its users. However, no measures will be effective if users themselves are not careful. Checking links, being attentive to any communications, and being aware of social engineering techniques are key steps to help you protect your assets and avoid falling victim to hackers. As threats become more sophisticated, vigilance remains the best defense.