Bybit's $1.46B Hack: Tracing Stolen Crypto Is Only Half the Battle

Analysts at Hacken, Elliptic and Chainalysis examined the theft of roughly $1.46 billion in ETH and ERC-20 tokens from Bybit on 21 February 2025. The breach stemmed from malicious JavaScript in the Safe signing interface, not a smart contract flaw. Chainalysis says it helped freeze more than $40 million of the stolen funds.

• About $1.46 billion in ETH and ERC-20 tokens was stolen from Bybit on 21 February 2025
• The breach came from malicious JavaScript in the Safe signing interface, not a contract bug
• Chainalysis helped freeze more than $40 million of the stolen funds
• Some proceeds were swapped to USDT on Tron and cashed out via OTC services