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Bybit Exchange Hacked
$1.4 Billion worth of ETH stolen
Crypto exchange Bybit reported a security breach affecting one of its ETH cold wallets, resulting in a significant hack. The attacker managed to steal approximately $1.4 billion worth of ETH, stETH, mETH, and cmETH, dispersing the funds across multiple wallets.
Bybit's CEO reassured that the exchange remains solvent even if the lost funds are not recovered.
According to Bybit, the breach occurred when its ETH multisig cold wallet processed a transfer to a warm wallet. The transaction was manipulated through an advanced attack that altered the underlying smart contract logic while displaying the correct address on the signing interface. This allowed the attacker to take control of the cold wallet and transfer its assets to an unknown address, the company explained in a post on X.
Date: February 21, 2025 (03:43 PM)
Highly Bearish for Crypto Markets
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