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The February 2025 Heist: Bybit's Largest-Ever Security Incident and Swift Response

On February 21, 2025, Bybit faced an unprecedented security breach—the biggest crypto theft recorded to date. A multisignature cold wallet hosted on @Safe was compromised, leading to the loss of approximately 401,347 ETH, valued at nearly $1.5 billion at the time. This major incident was publicly confirmed by Ben Zhou, Bybit’s co-founder and CEO, during a live broadcast.

The attacker exploited a vulnerability in the transaction approval process, successfully transferring the funds to this [wallet address]. For an in-depth technical breakdown, refer to the analysis provided by Pocket Universe, a browser extension that could have potentially stopped the exploit before it occurred.

@ZachXBT was quick to detect the irregular outflows, initiating a real-time investigation. He successfully traced the hack to the infamous Lazarus Group, a claim later validated by the FBI. His investigative efforts earned him the Arkham Intel Bounty.

In light of the breach, Bybit launched the Lazarus Bounty program, aimed at recovering the stolen funds. The initiative features HackScan, a specialized tool designed to track suspicious fund movements and expose malicious actors. The campaign is active—cybercriminals beware!

To encourage community involvement, Bybit is offering up to 10% of the recovered assets, potentially worth $1.4 billion.

• 5% will be awarded to the initial reporter whose efforts lead to the freezing of the stolen funds.
• The remaining 5% goes to the party that successfully freezes the assets.

Take action—there’s a massive reward at stake!

In parallel, users can join Bybit Quests to boost their crypto knowledge, earn 25 USDT, and compete for a share of the 2,500 USDT weekly prize pool. More quests are on the way!

Despite facing an overwhelming surge in withdrawals—over 350,000 requests totaling around $5.5 billion—Bybit processed 99.9% of them with minimal delays. The platform temporarily paused some Genesis Safe features to protect user funds during the investigation, demonstrating a firm stance on user safety.

To reinforce trust, Bybit also conducted an additional proof-of-reserves audit—on top of its routine monthly checks—verifying that all user assets remained fully backed at all times. The exchange’s transparency and rapid response during the crisis highlight its dedication to protecting its users and the broader crypto community.

How to Join the Lazarus Bounty Airdrop – Step-by-Step

1.     Head over to the official Lazarus Bounty reporting page on Bybit and connect your EVM-compatible wallet to begin.

2.     Fill in all the required information and submit your detailed report. Your contribution could play a crucial role in combating cybercrime—and may even earn you a significant reward. [More info here!]

3.     After submitting, simply sign the request with your wallet to confirm. The Bybit team will review your entry within 48 hours, and if approved, your bounty reward will be sent directly to your connected wallet within 1–2 weeks. For any queries, you can reach them at bounty_program@bybit.com.

4.     Join the exclusive Lazarus Bounty Hunters Discord to connect with other participants, share updates, and stay informed.

5.     While you're at it, take part in Bybit Quests before March 2nd to earn 25 USDT, explore crypto security topics, and compete for a share of the 2,500 USDT weekly prize pool. More quests coming soon!

6.     Don’t miss out on the Bybit Card promo: sign up by March 12, make purchases, and get 100% cashback on Netflix!

Important Reminder:

All entries must comply with legal guidelines. False or misleading submissions will be disqualified. Be vigilant—scammers may impersonate Bybit staff or create fake WhatsApp groups. Always verify through the Bybit Authenticity Check tool, and report any suspicious activity immediately.