Bybit, one of the largest cryptocurrency exchanges, recently experienced a serious security incident on 21/02/2025. According to on-chain data, 401,346 ETH (worth $1.13 Billion) were transferred from Bybit's hot wallet to an unidentified wallet address.

The first warning about this incident appeared on Twitter from blockchain experts, in which Whale Alert emphasized the scale of the unusual transaction. Immediately after leaving the exchange's hot wallet, this ETH amount was divided and continued to circulate through multiple addresses.

Notably, a large portion of the funds was converted from stETH and mETH (liquid staking assets) to ETH, indicating signs of money laundering. The related addresses, such as 0x4, began to conduct suspicious transactions, raising concerns about a coordinated attack.

After rumors in the community, the CEO of Bybit officially confirmed that the exchange was hacked. However, he emphasized that this was only a localized incident affecting a single wallet, and withdrawal operations are still proceeding normally.

The CEO also pledged that Bybit has sufficient assets to fully compensate customers, even if the 400,000 ETH lost cannot be recovered. This helps reassure users about the exchange's liquidity and financial capabilities, despite the growing security concerns.