TechFlow News, February 22 — According to an official announcement by Bybit, on February 21 at 12:30 UTC (20:30 Beijing time), during a routine transfer of ETH from a multi-signature cold wallet to a hot wallet, the platform detected unauthorized anomalous activity. Hackers gained control of the ETH cold wallet by manipulating smart contract logic and spoofing the signature interface, successfully transferring over 400,000 ETH and stETH to unknown addresses, with a total value exceeding $1.5 billion.
Bybit emphasized that this incident affected only the ETH cold wallet, and all other cold wallets and user assets remain unaffected. The platform currently manages over $200 billion in assets and reaffirmed its commitment to maintaining a 1:1 asset reserve ratio, stating it will use bridge loans if necessary to ensure user fund availability. Bybit has partnered with blockchain forensic experts to trace the stolen funds and is focusing on investigating potential vulnerabilities in the Safe.global platform’s user interface. As of publication, the platform's overall withdrawal completion rate reached 99.994%, with all trading products, payment cards, P2P services, and other functions operating normally.
