In a shocking announcement that has sent ripples through the cryptocurrency community, Ape.Store, a platform known for its provocative stances, claims to have hacked Bybit, one of the world’s leading centralized exchanges (CEXs), for a staggering $1.4 billion in Ethereum (ETH).
The statement, posted on X, frames the alleged exploit as a deliberate act to expose vulnerabilities in centralized platforms and promote the ethos of decentralization.
The Claim: A Hack with a Purpose
According to Ape.Store’s post, a team of their developers successfully breached Bybit’s security a feat they described as “pretty easy, ngl” (not gonna lie). The stated goal? To shine a spotlight on the fragility of centralized exchanges, which have long been criticized by advocates of decentralized finance (DeFi) for their single points of failure and custodial risks. The announcement reads: “We have tasked some of our developers with hacking Bybit… in order to promote decentralization and expose the vulnerabilities of CEXs.”
Rather than pocketing the alleged $1.4 billion in ETH, Ape.Store has issued an ultimatum tied to the Base blockchain, a layer-2 scaling solution for Ethereum. They claim they will return the funds to Bybit within 10 days—provided that Base achieves a 24-hour trading volume exceeding $1.4 billion during that period. If this condition isn’t met, Ape.Store says it will send the entire sum to a “dead address,” effectively burning the ETH and rendering it inaccessible forever.
A High-Stakes Challenge
The audacity of the claim is matched only by its unconventional terms. By tying the fate of the supposed $1.4 billion to Base’s trading volume, Ape.Store appears to be leveraging the situation to boost activity on the layer-2 network, which has been gaining traction in the DeFi space. This move could be interpreted as a calculated gambit to drive adoption of decentralized infrastructure while simultaneously pressuring centralized giants like Bybit.
However, the crypto community remains divided on the legitimacy of the announcement. Neither Bybit nor independent security analysts have yet confirmed the breach as of February 21, 2025. Without official corroboration, skepticism abounds—could this be an elaborate publicity stunt or a troll designed to stir controversy?
Centralized Exchanges Under Scrutiny
If true, the alleged hack would mark one of the largest exploits in crypto history, dwarfing incidents like the 2019 Binance hack ($40 million) or the 2022 Ronin Network breach ($620 million). Centralized exchanges have long been prime targets for hackers due to their vast reserves of user funds and complex security architectures. Ape.Store’s claim, even if unverified, reignites debates about the safety of CEXs versus decentralized alternatives, where users retain control of their assets via private keys.
The assertion that breaching Bybit was “pretty easy” adds fuel to the fire. If substantiated, it would raise serious questions about the exchange’s security protocols and potentially erode user trust. Bybit, which boasts millions of users and billions in daily trading volume, has not yet issued a public response to the allegations.
Community Reaction and Uncertainty
Reactions on X and other platforms range from disbelief to cautious intrigue. Some users laud Ape.Store’s apparent commitment to decentralization, while others dismiss the announcement as a hoax or a marketing ploy tied to Base or Ape.Store’s own interests. Without concrete evidence such as on-chain transactions showing the movement of $1.4 billion in ETH the claim remains speculative.
The 10-day deadline sets a ticking clock for further developments. If Ape.Store provides proof of the hack, such as a signed transaction or a wallet address holding the funds, the crypto world could be in for a seismic event. Conversely, if the deadline passes without incident, the announcement may fade into the annals of crypto lore as another bold but baseless assertion.
What’s Next?
As of now, the ball is in Bybit’s court to confirm or deny the breach, and in Ape.Store’s to substantiate their extraordinary claim. The crypto community will be watching Base’s trading volume closely, though it’s unclear how directly Ape.Store’s challenge could influence it. Whether this is a genuine hack, a clever stunt, or something in between, it underscores the ongoing tension between centralized and decentralized systems in the blockchain ecosystem.
For now, all eyes are on the next move—be it a transaction, a retraction, or silence. The truth tends to surface sooner rather than later. Until then, Ape.Store’s $1.4 billion gambit remains a tantalizing mystery.
