Bybit hacker moves stolen funds to multiple new addresses after $1.4 billion breach

The Bybit hack led to $1.4 billion in stolen ETH, with funds now being transferred across multiple addresses.

Bybit, one of the world’s top cryptocurrency exchanges, has experienced a major security breach resulting in the theft of approximately $1.4 billion in digital assets.

The hack, which occurred on Friday, has seen the funds moved from the exchange's cold wallet, with reports confirming the stolen Ethereum (ETH) amounting to 514,000 ETH, valued at $1.429 billion.

The hacker’s address, identified as “0x47666..,” has been traced, showing that over $1 billion worth of ETH (around 400,000 ETH) has been transferred to new wallets. Blockchain monitoring firm EmberCN reported that the stolen funds were dispersed across 49 different addresses, with each receiving 10,000 ETH. 

ALERT: BYBIT HACKER SENDING FUNDS TO MULTIPLE NEW ADDRESSES pic.twitter.com/RbQkJxC3Lm

— Arkham (@arkham) February 21, 2025

In addition, the hackers are attempting to unstake 15,000 cmETH, a process that takes 8 hours before the funds become available.

Update: Apparently the hacker sent ByBit a email after the hack and this was attachment in the email pic.twitter.com/KW0RAkwrd1

— Kevin (@Kev_Capital_TA) February 21, 2025

Despite the breach, Bybit CEO Ben Zhou reassured users that the exchange remains solvent, with client assets backed on a 1:1 basis.