- Bybit experienced over $1,400 million in ETH and stETH withdrawals to unknown addresses, raising security concerns.
- Arkham’s analysis reveals key transaction addresses and patterns, sparking community speculation about potential hacks or internal restructuring.
On the morning of February 21, 2025, the cryptocurrency world was alerted to significant outflows from Bybit, a globally recognized cryptocurrency exchange. According to a report by Arkham, a leading blockchain analysis platform, Bybit experienced withdrawals exceeding $1,400 million in Ethereum (ETH) and staked Ethereum (stETH) to unknown new addresses.
Approximately $200 million in stETH has been liquidated, sparking speculation about a potential security incident or an internal decision by the exchange.
ALERT: $1B+ OUTFLOWS FROM BYBIT
$1.4B in ETH and stETH outflows from Bybit
The funds have begun to move to new addresses where they are being sold. So far $200M stETH has been sold.
Address: 0x47666Fab8bd0Ac7003bce3f5C3585383F09486E2 pic.twitter.com/TfGm2UCjM5
— Arkham (@arkham) February 21, 2025
Arkham’s tweet, posted at 15:35 UTC, provided detailed images showing transaction flows, specific addresses, and network visualizations generated by its intelligence platform. One address, identified as 0x47666Fab8bd0Ac7003bce3f5C3585383F09486E2, was pinpointed as the main destination of these funds. The visualizations captured recent transfers, including 30.37K ETH and significant amounts of stETH moved to various wallets just minutes before the report.
While some users on the social platform X speculated about a possible hack or exploitation of a vulnerability at Bybit, others suggested that it might be a planned fund migration or internal restructuring. Despite these theories, Bybit has not yet released an official statement regarding the incident.
Seems that @Bybit_Official hot wallet just got hacked.
Though, it’s a multi-sign $1.5B worth of $ETH was withdrawn to the new address and is currently being sold
More info below
https://t.co/Xa3GHGDkvu pic.twitter.com/GEYYUicl26
— Finish
(@0xFinish) February 21, 2025
The community’s reaction to Arkham’s post was mixed, with expressions of disbelief and concern prevalent among comments. Users speculated about various causes, ranging from potential financial troubles at Bybit to management issues, while some pondered the stability of the Ethereum ecosystem itself.
Bybit, established in 2018, has been regarded as one of the largest and most secure exchanges in the world, prioritizing asset security for its users. The exchange employs state-of-the-art multi-signature cold wallets to store all deposited assets, showcasing its commitment to security.
However, even with robust protections, Bybit and other centralized exchanges are not immune to risks. Reviews on platforms like Bitdegree.org highlight that hot wallets, though less secure than cold storage solutions, are potentially vulnerable to cyberattacks or internal failures.
Fund arrived to fresh address https://t.co/HD1oelzZoT
Which then transferred to https://t.co/g41ntYDHBg
0xa4 is currently selling $stETH and $mETH for $ETH
Not something you would expect from an exchange pic.twitter.com/sJOzyyCjrR
— Finish
The massive outflows of ETH and stETH from Bybit could have implications for both the exchange and the broader Ethereum ecosystem. If confirmed as a hack, this could exert additional selling pressure on the market, potentially impacting ETH’s price, which has been trending upwards in recent weeks.
Alternatively, if these outflows are part of a liquidity strategy or maintenance, it could indicate that Bybit is strengthening its infrastructure to meet increasing market demands.
seems we are cooked
pic.twitter.com/ocetymC51p
— Finish
Arkham continues to monitor the transactions in real-time, and its “Tracer” tool allows users to follow the flow of funds across multiple blockchains. The crypto community awaits an official statement from Bybit to clarify whether this event is a security incident, an internal error, or a planned operation. Regulatory authorities might also investigate if this movement involves illicit activities such as money laundering or market manipulation.
Note: This article is based on information available as of 09:39 AM CST on February 21, 2025, and events may evolve. Investors are advised to seek updates from official Bybit communications and reliable sources before making financial decisions.
The post Breaking: Over $1.4 Billion in Ethereum Withdrawn from Bybit – Possible Hack or Inside Job? appeared first on ETHNews.
