On February 21, 2025, Bybit launched the BRUSDT Perpetual Contract amidst a major security breach where $1.5 billion in Ethereum was stolen, reportedly by North Korean hackers.
The hack resulted in substantial market fluctuations and prompted Bybit to initiate recovery measures, highlighting the ongoing vulnerability of cryptocurrency exchanges to sophisticated cyberattacks.
$1.5B Ethereum Theft Overshadows Bybit Launch
The BRUSDT Perpetual Contract was launched on Bybit on February 21, 2025. This was overshadowed by a cyber breach that resulted in a $1.5 billion Ethereum theft, impacting the exchange significantly. North Korean hackers were attributed to the breach, as confirmed by the FBI on February 26, 2025. This incident marked a pivotal moment for Bybit, which had just received a provisional VASP license in Dubai.
Bitcoin Reacts to Bybit Security Breach
The latest price data for Bitcoin shows it trading at $81,530, with fluctuations recorded between $79,107 and $83,745. Analysts observe the market’s cautious sentiments align with historical volatility patterns seen after security incidents.
“We are working tirelessly to address the recent security incident. Our team is collaborating with industry experts and law enforcement to trace and recover the stolen assets. We remain committed to transparency and will keep our users updated throughout this process.” – Ben Zhou, CEO, Bybit
Experts suggest potential financial repercussions for the crypto sphere, necessitating enhanced security frameworks. Bybit’s assurance of solvency and the launch of a recovery bounty program aim to mitigate any long-term impact on trust.
Exchange Hacks Influence Regulatory Focus
Comparisons are being drawn with historic hacks of exchanges, where similar security lapses led to significant financial losses. Their effect on cryptocurrency prices and investor confidence is well documented.
Experts predict that such events will continue to shape the regulatory landscape, pushing for robust security measures and compliance with emerging legal standards. The current market response highlights the ongoing need for vigilance.
