KEYTAKEAWAYS
- Bybit Hack Sets Record
Bybit's $1.46 billion loss on February 21, 2025, now stands as the largest crypto hack ever recorded. - Recurring Security Vulnerabilities
Cross-chain bridges, smart contracts, and hot wallets remain prime targets due to persistent security flaws. - DeFi and CEX Platforms at Risk
Hacks like Ronin, Wormhole, and FTX highlight the urgent need for robust security measures in both DeFi and centralized exchanges.
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Bybit Exchange hit by a record-breaking $1.46 billion hack, marking the largest crypto theft in history. Explore the top 10 biggest cryptocurrency hacks and key lessons in crypto security.
On the evening of February 21, 2025, Bybit Exchange suffered a massive hack, with attackers targeting Bybit’s Ethereum multi-signature cold wallet and successfully stealing $1.46 billion.
This incident marks the largest cybersecurity breach in the first quarter of 2025.
Notably, this hack now holds the record for the largest amount stolen in crypto history!
Curious about other major hacks that have shaken the crypto world? Let’s take a look at some of the most significant ones.
>>> More to read: Crypto Security Wake-Up Call: Bybit Hit by $140 Million Large-Scale Hack
TOP 10 LARGEST CRYPTO HACKS IN HISTORY
📌 10th Place｜Euler Finance Hack: $197 Million (2023)
Euler Finance, an Ethereum-based decentralized lending protocol, was attacked on March 13, 2023. Hackers executed a Flash Loan Attack, stealing $197 million in wBTC, DAI (MakerDAO’s stablecoin), stETH, and USDC.
Flash loan attacks are a common tactic in the DeFi space. Hackers exploit these loans, which require no collateral and must be repaid within the same transaction, to manipulate market prices and steal large sums.
Surprisingly, the hackers began returning the stolen funds just days after the attack, citing safety concerns, adding an unexpected twist to the incident.
📌 9th Place｜Mixin Network Hack: $200 Million (2023)
Mixin Network, a peer-to-peer cross-chain network for cryptocurrency transfers, suffered a hack in September 2023. Hackers exploited a vulnerability in the cloud service provider’s database, stealing around $200 million worth of BTC, ETH, and USDT.
This attack exposed the security weaknesses of cloud infrastructure and became one of the most severe hacks of 2023.
📌 8th Place｜DMM Bitcoin Hack: $305 Million (2024)
In May 2024, Japanese crypto exchange DMM Bitcoin was hacked, with attackers stealing 4,500 BTC, valued at $305 million at the time.
As of November 2, 2024, the exact methods used in the attack remained unclear. However, many suspect the Lazarus Group, a North Korean hacking organization, was behind the incident.
📌 7th Place｜Wormhole Hack: $325 Million (2022)
In February 2022, DeFi platform Wormhole was hacked, resulting in $325 million in losses. The vulnerability stemmed from a GitHub code update that hadn’t been deployed to the mainnet, which hackers discovered and exploited.
As a well-known cross-chain bridge, Wormhole couldn’t recover the stolen funds and had to cover the financial gap itself.
This event became the largest hack in the Solana ecosystem’s history, with approximately $47 million stolen in $SOL tokens.
📌 6th Place｜Mt. Gox Hack: $473 Million (2014)
The first major crypto hack occurred in 2011 when Mt. Gox lost 25,000 BTC (worth $400,000 at the time). Mt. Gox handled nearly 70% of global Bitcoin trades, making the impact significant.
However, the worst came in 2014 when hackers stole 650,000 user BTC and 100,000 exchange-owned BTC, valued at $473 million—about 7% of Bitcoin’s global supply.
These funds were stealthily moved from Mt. Gox’s hot wallets, causing a massive loss of market confidence and marking one of crypto’s most notorious disasters.
📌 5th Place｜FTX Hack: $477 Million (2022)
In November 2022, as $FTX filed for Chapter 11 bankruptcy, hackers took advantage of the chaos, stealing more than $477 million. Many users saw their FTX.com and FTX US wallet balances drained instantly.
FTX later confirmed the hack on Telegram, warning users:
“FTX has been hacked. FTX apps contain malware—delete them immediately! Do not access the FTX website as it may download trojans.”
Investigations in 2024 revealed that a SIM-swap scam group had successfully accessed FTX employee accounts, reigniting market discussions.
📌 4th Place｜Coincheck Hack: $532 Million (2018)
In January 2018, Japanese exchange Coincheck was hacked, losing $532 million worth of NEM tokens.
The breach stemmed from vulnerabilities in their hot wallets, which, unlike cold wallets, are continuously connected to the internet and thus more vulnerable.
This hack surpassed even the infamous Mt. Gox incident. Despite the losses, Coincheck survived and was acquired by Monex Group, continuing its operations.
📌 3rd Place｜Binance BNB Bridge Hack: $569 Million (2022)
In October 2022, hackers exploited a vulnerability in Binance’s BNB Bridge, forging transactions to withdraw 2 million $BNB, equivalent to $569 million.
The incident highlighted the persistent risks of smart contract vulnerabilities, especially in cross-chain bridges, which remain high-value targets for hackers.
📌 2nd Place｜Poly Network Hack: $611 Million (2021)
In August 2021, a hacker exploited vulnerabilities in Poly Network, stealing over $611 million.
The development team publicly appealed to the hacker via social media, and to everyone’s surprise, the hacker began returning the funds—$300 million was returned within just two days.
The hacker later claimed the attack was “just for fun” and a technical challenge.
📌 1st Place｜Ronin Network Hack: $625 Million (2022)
In March 2022, hackers attacked Ronin Network, which supports the Axie Infinity blockchain game. They stole $625 million in $ETH and $USDC, making this one of the largest crypto hacks in history.
Investigations linked the hack to North Korea’s Lazarus Group. Although Sky Mavis (Axie Infinity’s developer) managed to recover $5.7 million a month later, it was only a fraction of the total stolen amount.
⚠️ New Record: Bybit Hack – $1.46 Billion (2025)
On February 21, 2025, Bybit Exchange was hacked, setting a new record for the largest amount stolen in crypto history.
Hackers targeted Bybit’s Ethereum multi-signature cold wallet, successfully stealing $1.46 billion—the most severe cybersecurity incident of Q1 2025.
>>> More to read: Crypto Risks 101 | A Beginner’s Guide
