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Editor: @PhoenixxDown

How Did Bybit Get Hacked? And What Can We Learn?

On February 21, 2025, Bybit was rocked by a staggering $1.4 billion exploit—the largest crypto hack to date. But it wasn’t brute force or key-cracking that did the damage. Instead, hackers pulled off something far more sophisticated: manipulating what Bybit’s security team thought they were approving.

Here’s how it happened, why it matters, and most importantly, how you can protect yourself.

How the Hack Happened

Bybit’s security relied on a multisig wallet, meaning transactions required multiple signers to approve them. The attackers, however, managed to:

• Infect the signers’ devices with malware (likely from phishing or malicious downloads).

• Alter the transaction display, so it appeared to be legitimate while secretly redirecting funds.

• Trick Bybit’s team into approving the transaction, unknowingly sending 401,000 ETH to the attackers.

Because the interface looked normal, the signers had no idea something was wrong—until the funds were gone.

Could This Happen to You?

Yes. And you don’t need a billion-dollar balance to be a target. If hackers can manipulate what you see on your wallet or exchange, they can make you approve a transaction that drains your funds.

Here’s how to protect yourself:

✅ Always verify transactions

Don’t just trust what’s on-screen—double-check wallet addresses. It’s tedious, and many of us have long abandoned this practice as we’ve got more comfortable, but 30 extra seconds could save your entire portfolio.

✅ Use a hardware wallet

A pretty obvious point here, but hardware wallets are a huge difference maker when it comes to mistakes and hacks being prevented. While not fool proof, it is the last line of defense against a user doing something sloppy.

✅ Beware of phishing & fake updates

Only download wallet software from official sources. Avoid clicking random links, and if some random DMs you about a “Bloomberg interview,” just please do not!

✅ Test small before sending big (but stay cautious)

A test transaction helps, but some malware lets the small one through while hijacking the big one. Always verify from multiple sources.

✅ Limit exposure

Keep large funds in cold storage, use different wallets for different purposes, and enable 2FA wherever possible.

✅ Consider a dedicated crypto-only device

Some traders use a separate computer just for signing, minting, or trading—no browsing, no Discord, no Telegram, not even X. This isolates wallets from malware and social engineering risks.

“It’s Not About How Much You Make, It’s About How Much You Keep”

Essentially, this wasn’t about bad passwords or weak security. It was about deception, and that’s a threat anyone can fall victim to.

ExtraOrdinal, Rig G, always signs off XO Weekly with the reminder: “It’s not how much you make in crypto, it’s how much you keep” and to “Go slow.” This week, that advice hits harder than ever. Stay sharp, stay safe.

For security advice specifically related to Ordinals and Runes, check out Issue #121 here.

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Todays Markets

Ordinals

Bitcoin Frogs lead the pack today with a whopping 1.5% increase in floor price, followed closely by Bitcoin Punks with a staggering 0.7% rise. With these monumental gains, surely we’re back?!

Jokes aside, just when you thought it couldn’t get worse, the market serves up a brutal Friday-to-Sunday stretch with double-digit losses—potentially shaking out the last of those who couldn’t handle the pressure. Things are looking better today despite the red.

The price action since December has broken minds. Some are convinced we’re closer to the bottom than the top, but that’s been the narrative for a while now.

So, where do you stand? Feeling the urge to buy the blood? Or waiting for confirmation that real volume is back?

Runes (Bitcoin Memecoins)

$DOG reclaims the top spot today, with over double $MIM’s volume. That said, total sales barely scraped $66K—hardly impressive when you consider it was pulling in multiple Bitcoin a day not long ago.

In sad news, a major Rune holder was hacked yesterday, leading to an unceremonious dump of top assets like $BILLY. The cascade effect on price was immediate—a harsh but timely reminder to follow best security practices (as covered in today’s feature).

Meanwhile, $BRO surged 22% as it attempts to push back above $1M market cap. With just $3K in volume (0.0286 BTC), today might be a preview of how violently prices will move if real volume ever returns.

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