Bybit, a major cryptocurrency exchange, lost $1.5 billion in a historic heist on February 21, 2025. The breach, which exploited a vulnerability in Bybit’s security systems, has raised serious concerns about the safety of digital asset platforms.
Bybit confirmed the breach in a statement, saying, “We are working with cybersecurity experts and law enforcement to investigate the incident and recover the stolen funds.” The exchange has temporarily halted withdrawals and deposits while it strengthens its security measures.
The heist has sparked calls for stricter regulations and better security practices in the crypto industry. “This heist underscores the vulnerabilities of centralized exchanges,” said crypto expert David Lee.
The price of Bitcoin and other major cryptocurrencies saw a slight decline following the news, as investors reacted to the breach.
