On February 21, 2025, cryptocurrency exchange Bybit experienced a significant security breach, resulting in the theft of approximately $1.4 billion in digital assets, primarily Ethereum. The attacker compromised one of Bybit's cold wallets, transferring over 400,000 ETH to unidentified addresses. In response, Ethereum's price dropped by about 4%, trading at $2,727.10 as of February 22, 2025. Bybit's CEO, Ben Zhou, assured users that their assets remain secure and that the exchange has secured bridge loans to cover 80% of the stolen funds. This incident underscores ongoing security challenges in the crypto industry, with 2024 alone witnessing $2.2 billion in stolen funds.