CRYPTOCURRENCY : Bybit, one of the most active centralized exchanges, has undergone a security incident after its wallet interface was exploited. Over $1.46B has flowed out to four Ethereum addresses, and some of the funds are being swapped on DEX.

The Bybit attack is the biggest hack so far in 2025 and the first one targeting a major market operator. At the time of the attack, Bybit lost up to 8.64% of its assets out of its total reserves of $16.2B.

Bybit was also just funded with additional assets to reimburse the first group of FTX creditors for claims under $50,000.

Bybit noted its only affected wallet was the ETH cold wallet, which fell under the full control of the hacker.

Bybit was affected by what was also known as an upgrade transaction attack, in which a smart contract’s address looks legitimate to the wallet, but sends a malicious instruction to the sender, redirecting funds to a different wallet.