Assets were stolen from Dubai-based cryptocurrency exchange Bybit earlier this month, in what's believed to be the largest-ever digital heist.

On February 21, 2025, Bybit, one of the largest crypto exchanges, suffered an attack when hackers exploited a routine transfer from a cold wallet to a warm wallet—a standard process in crypto exchanges to ensure liquidity. The attackers managed to intercept this transfer, diverting approximately 400,000 ETH ($1.5 billion) to unknown addresses.

The recent attack on Dubai-based crypto exchange Bybit has further put the spotlight on the security of cryptocurrencies but has also proven that swift action and a robust company war chest is critical in controlling the effects of a hack.