Bybit Hit by $1.5 Billion Crypto Hack – The Biggest Theft in History

Cryptocurrency exchange Bybit recently fell victim to a staggering $1.5 billion hack, marking the largest crypto heist ever recorded. The attack, which targeted a supposedly secure “cold wallet” used for ether tokens, has sent shockwaves through the industry.

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Bybit CEO Ben Zhou confirmed the breach last week, emphasizing that cold wallets—typically stored offline to minimize hacking risks—were not immune to exploitation. Blockchain research firm Elliptic described the incident as "almost certainly the single largest known theft of any kind in all time," more than doubling the previous biggest crypto heist.

The crypto industry has long been a prime target for cybercriminals, with hacks and security breaches becoming alarmingly frequent. In 2024 alone, hackers have stolen over $2 billion from various platforms, marking the fourth consecutive year that crypto-related thefts have surpassed the $1 billion threshold.

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Here’s a look back at some of the biggest crypto heists in history, highlighting the ongoing security challenges facing the industry.

Poly Network – $610 Million (August 2021)

In one of the largest DeFi-related breaches, hackers siphoned off $610 million from Poly Network, a platform that enables cross-chain token transfers. Surprisingly, the attackers later returned nearly all of the stolen funds, citing a desire to “expose security flaws” rather than profit from the theft. The incident underscored the vulnerabilities of decentralized finance (DeFi) platforms, which operate outside the traditional financial system.

Ronin Network – $540 Million (March 2022)

Ronin Network, the blockchain powering the popular online game Axie Infinity, suffered a $540 million hack when cybercriminals stole 173,600 ether tokens and 25.5 million USD Coin tokens. The attack was linked to a North Korean hacking group, according to U.S. officials, raising concerns over state-sponsored cybercrime in the crypto sector.

Coincheck – $530 Million (January 2018)

Tokyo-based crypto exchange Coincheck lost $530 million when hackers breached one of its “hot wallets” and drained customer funds. The attack highlighted the risks of storing digital assets online, as hot wallets are far more vulnerable to cyberattacks compared to offline cold storage. South Korean intelligence agencies later suggested that North Korean hackers were behind the breach.

Mt. Gox – $500 Million (2011–2014)

One of the earliest and most infamous crypto heists, the collapse of Mt. Gox remains a cautionary tale. Once the world’s largest bitcoin exchange, Mt. Gox handled 80% of global bitcoin trades before hackers exploited security weaknesses, stealing nearly $500 million worth of bitcoin between 2011 and 2014. The company eventually filed for bankruptcy, leaving 24,000 customers without access to their funds and setting a precedent for regulatory scrutiny in the crypto world.

Wormhole – $320 Million (2022)

Decentralized finance platform Wormhole lost 120,000 ether tokens in a $320 million hack last year. The exploit shook the DeFi ecosystem, exposing vulnerabilities in cross-chain token transfers. In an unexpected turn, Jump Trading—the parent company of Wormhole’s developer—stepped in to replace the stolen funds, stabilizing the platform and reassuring its community.

With cyberattacks on crypto exchanges and DeFi platforms showing no signs of slowing, the Bybit hack serves as yet another warning about the urgent need for stronger security measures. While blockchain technology promises decentralization and financial innovation, these record-breaking thefts highlight the risks that come with an industry still struggling to protect digital assets from sophisticated cybercriminals.

Also Read: SEC Closes Robinhood Crypto Investigation Without Action