Following Bybit’s $1.4B Hack, Traders Explore BTCC as Alternative

Key Takeaways:

• Bybit suffered a record-breaking $1.46 billion hack, marking the largest crypto heist ever.
• The attack triggered a liquidity crisis, with $4.5 billion withdrawn within 12 hours.
• BTCC has never been hacked in 14 years and has emerged as an alternative for concerned traders.

On February 21, approximately $1.46 billion in crypto assets were stolen from Bybit's Ethereum wallet, marking the largest crypto heist in history. The attackers employed sophisticated phishing techniques and injected malicious JavaScript into the transaction process to create the illusion of legitimate transactions while secretly redirecting funds to their own wallets.

Bybit and CEX Security Concerns Trigger “Bank Run”

According to a TRM Labs report, private key and seed phrase compromises accounted for nearly 70% of stolen funds in 2024. 

Stolen crypto on through hacks 2022- 2024/ Source: TRM Labs

Following the hack, Bybit experienced a classic “bank run” with over 350,000 withdrawal requests totaling over $4.5 billion within 12 hours. Many traders fled to more secure alternatives, with BTCC emerging as a popular choice.

Now that we know who's behind the @Bybit_Official attack. Let's look at how the hack actually worked.

At a high level, the hack involved the 4 broad group of events:

1. Attacker deployed a trojan contract and a backdoor contract.

2. Attacker tricked signers of the upgradeable… pic.twitter.com/5repcdcsDB

— David | crypto/acc (@dhkleung) February 21, 2025

BTCC Emerges as a Secure Alternative

BTCC, formerly known as BTC China, is the longest-serving cryptocurrency exchange, operating for 14 years without a breach. Its proven security approach includes storing most user funds in cold storage, keeping assets offline and inaccessible to potential hackers.

BTCC security and regulatory certification/ Source: BTCC.com

Last year, BTCC achieved compliance with the Payment Card Industry Data Security Standard (PCI DSS), a benchmark that reduces the risk of credit card fraud and cyberattacks. 

BTCC also offers an incentive program for new users, including a welcome bonus of up to 10,055 USDT, compared to the industry average of $10 to $50.

The exchange supports over 300 trading pairs and futures contracts with up to 500x leverage, catering to diverse trading strategies and demands.

12+ years, zero security incidents. Another record that we are very, very proud of.🛡️🛡️🦾🏰7/10 pic.twitter.com/qpPsnnsZNl

— BTCC (@BTCCexchange) January 3, 2024