Bybit $1.4B Hack? ZachXBT Flags ETH, stETH Theft

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By Ruby Rodriguez Published on: February 21, 2025 Last updated on: February 21, 2025

Table of Contents

Alarming Claims Surface

The crypto community is on edge after blockchain investigator ZachXBT reported a potential hack at Bybit, one of the world’s top cryptocurrency exchanges. According to his February 21, 2025, Telegram post, approximately $1.4 billion in Ethereum (ETH) and staked Ethereum (stETH) may have been siphoned from Bybit’s wallets, marking a potentially catastrophic breach.

ZachXBT’s analysis highlighted suspicious outflows to an address (0x47666Fab8bd0Ac7003bce3f5C3585383F09486E2), with stolen assets allegedly swapped for ETH on decentralized exchanges. The sheer volume—over $1.46 billion in reported movement—has raised red flags, though details remain murky without official word from Bybit.

Community Buzz and Speculation

X erupted with reactions as the news spread. Users speculated on the attack vector, with theories ranging from a compromised private key to a sophisticated UI spoofing exploit. One X post warned, “Bybit’s cold wallet just bled ETH—check your funds!” Others questioned whether the transfers could be legitimate, though the rapid asset swaps noted by ZachXBT lean toward foul play.

Caveat: No concrete evidence confirms these theories yet, and Bybit users are urged to exercise caution until clarity emerges.

Bybit’s Response: Still Pending

As of 11:00 PM IST on February 21, 2025, Bybit has not addressed the allegations, leaving traders in limbo. The exchange’s silence contrasts with the urgency of ZachXBT’s claims, which have fueled fears of a liquidity crisis or worse. Past crypto hacks—like the $600 million Poly Network theft in 2021—show how quickly such incidents can spiral, amplifying the stakes for Bybit’s next move.

Could this be a misunderstanding? Some X users suggest the outflows might tie to internal restructuring, but the lack of transparency from Bybit keeps skepticism high.

ZachXBT’s Track Record

ZachXBT, a pseudonymous figure known for unraveling crypto mysteries, has a history of spotlighting major breaches. His work on the 2024 Lazarus Group hacks helped recover millions, lending weight to his Bybit warning. Yet, his findings here await corroboration, making this a critical test of his credibility—and the industry’s resilience.

The crypto market, already jittery from a volatile year, now braces for potential fallout. A confirmed $1.4 billion loss could ripple through ETH prices and exchange trust worldwide.

Ruby Rodriguez

Ruby Rodriguez is a highly experienced crypto content writer from the United States, with eight years of expertise in blockchain, DeFi, and NFTs. She excels at simplifying complex topics, delivering insightful, well-researched content. Passionate about Web3, she helps readers stay ahead of trends in the fast-evolving cryptocurrency landscape.

Disclaimer: The information presented here may express the authors personal views and is based on prevailing market conditions. Please perform your own due diligence before investing in cryptocurrencies. Neither the author nor the publication holds responsibility for any financial losses sustained.