Bybit beefs up asset security after $1.45 billion hack

Bybit beefs up asset protection after $1.45 billion cyberattack

In February, Bybit was attacked and lost approximately $1.5 billion in digital assets, making it the largest cryptocurrency exchange hack in history in dollar terms.

Jamie Crowley | Edited by Steven Alpher on April 3, 2025, 11:57 UTC

What you should know:

• Bybit, which suffered a $1.45 billion cyberattack six weeks ago, has teamed up with Zodia Custody to improve security measures for institutional clients.
• The attack on Bybit in February, which resulted in the theft of about $1.5 billion in digital assets, was the largest hack of a cryptocurrency exchange in dollar terms ever.
• Incidents like these call into question the potential for broader institutional adoption of digital assets.

Cryptocurrency platform Bybit, which suffered a $1.45 billion attack six weeks ago, has partnered with Zodia Custody to improve security for institutional clients.

Backed by a group of major traditional financial institutions, including Standard Chartered, Zodia offers segregated custody and off-site settlement.

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This allows users to trade on Bybit while their assets remain in custody with Zodia, reducing exchange-related risks and preventing commingling of funds.

The February attack on Bybit resulted in the theft of nearly $1.5 billion worth of digital assets, making it the largest cryptocurrency exchange hack in history in dollar terms.

Similar cases call into question the prospects for broader institutional adoption of digital assets, highlighting the need for custody services similar to those expected by institutions in the world of traditional finance.

Zodia Custody CEO Julian Sawyer described his product in an email on Thursday as “custody and settlement designed specifically for institutions, not tailored for cryptocurrency.”

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