Bybit Hacked: $1.4B in stETH and mETH Stolen

Cryptocurrency exchange Bybit has reportedly been hacked, with over $1.4 billion in liquid-staked Ether (stETH) and MegaETH (mETH) stolen, according to onchain security analyst ZackXBT. The incident follows an uptick in hacks and security incidents throughout 2024 and early 2025.

Following the incident, the onchain sleuth warned users to blacklist addresses associated with the hack. Bybit co-founder and CEO Ben Zhou provided an update on the security breach, confirming that a transfer was made from the exchange’s multisignature wallet to a warm wallet approximately one hour prior to the hack.

The CEO said the specific transaction was masked to appear legitimate but contained malicious source code designed to alter the smart contract logic of the wallet and siphon funds. Zhou reassured customers that all other cold wallets were secure and that all withdrawals were normal. He also expressed his willingness to collaborate with any team that could help track the stolen funds.

This is a developing story, and further information will be added as it becomes available.