Bybit’s Record $1.5B Hack & How Best Wallet Token Is Redefining Crypto Security

The famous crypto firm and exchange, Bybit, has been hit by possibly the biggest crypto theft in history. The Dubai-based company said that hackers managed to steal $1.5B worth of digital currency.

The attack, which was apparently carried out by North Korea’s Lazarus Group, was a highly sophisticated one. Perpetrators were able to intercept a transaction taking place from the exchange’s cold wallet to the warm one.

They manipulated the transaction’s signing interface and quickly diverted 401,000 $ETH to an unidentified address. Ironically, the breach affected Bybit’s cold wallet, which was designed to be extra secure.

Quite naturally, a cybercrime of this magnitude caused a stir in the larger crypto market. Ethereum fell by nearly 7%, whereas Bitcoin fell by 3%. Both the cryptos have, however, recovered at the time of writing.

Bybit CEO Offers Assurance

As news of the Bybit hack surfaced, customers flocked to withdraw their funds from the platform. The company is reportedly facing a ‘bank run’ worth $4B.

Ben Zhou, the CEO of Bybit, took to X to assure users about the firm’s capability to let users withdraw funds.

12 hr from the worst hack in history. ALL withdraws have been processed. Our withdraw system is now fully back to normal pace, you can withdraw any amount and experience no delays.

— Ben Zhou (@benbybit) February 22, 2025

Even though Bybit has promised users that their funds are safe and that the company is fully capable of refunding anyone affected by the hack, it doesn’t wash away its culpability, let alone the fear this has instilled in everyday crypto users like you and me.

Increasing Cybersecurity Risks in Crypto

According to a report from Chainalysis, a total of $2.2B was stolen from crypto platforms in 2024. This makes it the fifth year in the past decade that saw crypto losses exceed the $1B mark. It also tells us just how astronomically large Bybit’s $1.5B figure is.

Not only is the amount huge, but this is Bybit we’re talking about. Cybercriminals being able to access a crypto exchange with over 60M users and $36B in daily trading volume raises serious questions about the industry’s security benchmarks.

Moreover – and seasoned crypto players would know this – cybersecurity in crypto has been a long-drawn issue. For instance, $350M was stolen from crypto exchange Mt Gox in 2014, $611M from Poly Network in 2021, and $570M from Binance in 2022.

Times like these remind us that any amount of innovation in DeFi or AI would be of little use if the foundation of privacy isn’t kept intact. Enter Best Wallet Token ($BEST).

Best Wallet Redefines Crypto Security

Best Wallet is a non-custodial crypto wallet, meaning you get full control over your secret passkey. This eliminates the privacy scares that could’ve been possible if you had stored your funds in centralized exchanges like Bybit. Simply put, no one has access to your crypto but you.

It’s also the first crypto wallet to use Fireblock’s MPC-CMP wallet technology, which involves advanced cryptographic techniques. Combined with the option to enable 2FA or use your biometrics for more seamless security, Best Wallet makes it nearly impossible for a malicious third party to gain access to your funds.

Best Wallet also provides third-party crypto insurance against hacking and phishing attacks. So, in the unfortunate scenario your funds are permanently lost in a cyberattack, Best Wallet will see to it that you’re made whole.

In addition to being the most secure crypto wallet out there, Best Wallet has also got other tricks up its sleeves. For instance, it allows you to directly buy top meme coins that are in presale. By getting in when the token is at its cheapest, you stand to make enormous yields.

Best Wallet Token ($BEST) – The Best Altcoin to Buy In 2025

With Best Wallet allowing users to reclaim their privacy, its native cryptocurrency, $BEST, finds itself in a pole position to benefit from the wallet’s growth.

Best Wallet, for instance, aims to capture 40% of the non-custodial crypto wallet market by 2026. Going by its continually inflating user base (currently at 500K+), this looks easily achievable.

Also, Best Wallet Token holders will unlock special perks within the Best Wallet ecosystem. They’ll be able to carry out transactions at lower rates, for instance. What’s more, they’ll also get higher staking rewards and priority access to the best crypto presales.

The $BEST presale, on the back of Best Wallet’s revolutionary security settings, is progressing at the rate of knots. It has so far raised a staggering $10M. You can get in now for just $0.0241 per token. But hurry up because prices increase in the next few hours.

As always, we urge our readers to do their own research before investing their hard-earned money in crypto. The market can be pretty volatile, after all.

Also, none of the above is a substitute for financial advice from a qualified professional.