In one of the largest cryptocurrency heists in history, hackers stole $1.5 billion from the popular crypto exchange Bybit on February 21, 2025. The breach, which exploited a vulnerability in Bybit’s security systems, has sent shockwaves through the crypto industry.

Bybit confirmed the attack in a statement, saying, “We are working with cybersecurity experts and law enforcement to investigate the breach and recover the stolen funds.” The exchange has temporarily suspended withdrawals and deposits as it works to secure its platform.

The heist has raised concerns about the security of cryptocurrency exchanges and the need for stricter regulations. “This incident highlights the risks associated with centralized exchanges,” said crypto analyst Sarah Lee. “Investors must prioritize security and consider decentralized alternatives.”

The price of Bitcoin and other major cryptocurrencies dipped slightly following the news, as investors reacted to the breach.