Bybit lost $1.4 billion to hackers in its biggest crypto theft.
Nigeria News Nalin Reports said the cryptocurrency exchange revealed on Friday that it was a victim “Complex Attack”, The theft that led to Ethereum (ETH) was worth $1.4 billion.
This violation has been described as the largest crypto robbery in history, and it has created a shock wave through the digital asset industry.
Bybit’s CEO and co-founder Ben Zhou revealed in a live announcement that the hackers stole about 401,346 ETH, worth about $1.4 billion at the time of theft.
Zhou explained on X that the hackers gained control over one of Bybit’s cold wallets, a digital wallet designed to store cryptocurrencies offline and theoretically disconnected from the internet.
The stolen funds are then transferred to the “warm” wallet connected to the internet.
How it happens
Bybit said that explaining how hackers happen through posts on X, it detected unauthorized activity involving one of its ETH cold wallets.
“The incident happened when our Eth Multisig cold wallet execution was transferred to our warm wallet. Unfortunately, this transaction was manipulated by a complex attack that masked the signature interface, showing the correct address when changing the underlying smart contract logic. .
“As a result, the attacker was able to control the affected ETH cold wallet and transfer its holdings to an unidentified address.
“Our security team, along with leading blockchain forensic experts and partners, are actively investigating this incident. Any team that can assist in tracking blockchain analytics and fund recovery for these assets is welcomed, and we are welcome to work with us, ” The company explained.
The biggest theft
According to REKT, the incident surpassed previous major encryption violations, including $624 million in Ronin Network Hack and $611 million in Poly Network Exploit.
- Elliptic’s co-founder and chief scientist Tom Robinson highlights the scale of theft, description, description “In fact, it might even be the biggest theft ever.” It refers to any kind of theft, not limited to data breaches.
- As financial news website World Finance reported, the biggest bank robbery in history was the withdrawal of about $1 billion from the Iraqi central bank before Bybit’s breach.
What you should know
As of last week, Dubai-based Baybit, the United Arab Emirates-based Dubai-based company, is estimated to hold approximately $16 billion in total assets, according to CoinMarketCap.
- The exchange assured its users and partners that all other Bybit Cold wallets remain completely secure, adding that all customer funds are secure and that its operations will continue as usual without disruption.
- Theft highlights the growing risks in the cryptocurrency space. According to a chain analysis by blockchain analytics firm, hackers stole about $2.2 billion in cryptocurrency in 2024, after an estimated $2 billion in losses in 2023.
- Chain analysis also shows that North Korea-related hacker groups have caused $1.34 billion in crypto thefts in 47 incidents in 2024, with the value of theft increased by 102.88% compared to 20 things in 2023 $200,000 is $660 million.
