This is a contributing content by Valeriy YakovCEO of The one.
As CEO of a revolutionary unified cross-chain exchange with Telegram Mini-App aimed at simplifying crypto trading, I would like to share my expert opinion on the current state of crypto security state and important steps in avoiding against cyber attacks. The recent hack of the Bybit Exchange on February 21, 2025 re-emphasized the significant impact of cyber attacks on the cryptocurrency market. This incident, which resulted in theft of approximately $ 1.5 billion worth of Ethhereum (ETH), stands as the largest digital heist in the history of cryptocurrency.Let’s Review some interesting statistics and data surrounding cyber attacks in the crypto space and their consequences.
Scale and frequency of attack and market impact
Bybit Hack is part of a distressing cyber increasing cyber attack on cryptocurrency platforms. In 2024, North Korea’s hackers were alone of about $ 1.34 billion in 47 incidents, an increase of 102.88% from $ 660.5 million stolen from 20 incidents last year. Bybit Hack in 2025 has surpassed the full amount stolen by North Korea in 2024 by almost $ 160 million.
The immediate reaction of the Bybit hack has shown volatility that could cause such incidents:
- ETH dropped 4.2% from $ 2,828 to $ 2,708 within minutes of the announcement.
- A short rebound of 3.36% followed, returning the price to $ 2,759.
The initial collapse in the ETH price was followed by a quick rebound, which was —fuel by speculation that Bybit had to buy Back ET on a 1: 1 basis to pay users. This speculation is based on the assumption that BYBIT needs to buy Back ET on a 1: 1 basis to pay the affected users.
Bybit got a bridging loan for 80% of lost ETH, as clarified bybit co-founder and CEO Ben Zhou during a live stream. He also said BYBIT has no immediate plan to buy large amounts of ETH in the market area. This news has led to a rapid move to market sentiment from bullish to bearish, due to concerns that the hacker will sell the stolen ETH and a general increase in the risk of avoiding investors.
Cyber attack types
While previous major hacks are often targeted at weaknesses in the smart contract code or cross-chain bridges, the Bybit incident represents a move towards targeting the human element:
- Attacks use social engineering tactics to compromise the interface of the exchange user.
- They manipulate cold purse signators by allowing malicious transactions.
This trend is in accordance with research that shows a transition from traditional security attacks in more sophisticated methods.
In terms of the amount stolen by the victim’s platform type, 2024 also showed interesting -kind patterns. In most dwellings between 2021 and 2023, decentralized financial platforms (DEFI) are the main targets of crypto hacks. It is possible that defi platforms are more vulnerable because their developers tend to prioritize rapid growth and acquisition of their market products in implementing security measures, making them major targets for hackers.
Although the DeFI is still accounted for for the largest part of the stolen property in Q1 2024, centralized services are the most target of Q2 and Q3.
This change in focus from Defi to centralized services highlights the increased importance of security mechanisms that are commonly exploited in hacks, such as private keys. Private compromise keys accommodated for the largest part of the stolen crypto in 2024, at 43.8%. For centralized services, ensuring the security of private keys is critical as they control access to users’ properties.
User Education: a critical substance
While the exchanges are responsible for security, user education plays a critical role. Comprehensive education initiatives should equip users with knowledge of
- Create and manage strong, unique passwords
- Identify social engineering tactics and phishing attempts
- Understand the importance of regular backups
In conclusion, Bybit Hack is a strong reminder of the ongoing security challenges in the cryptocurrency space. As the market continues to grow, as well as the methods used by hackers. It is necessary that the industry stay ahead of the curve by adopting advanced technologies, cooperating and continuing teaching users. By implementing comprehensive security measures and remaining vigilant, we can work towards creating a safer environment for all participants in the crypto ecosystem.
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