Go through founder Ben Zhou confirmed that the exchange of cryptocurrency had undergone $ 1.4 billion Ethereum ETH / USD Hack, making one of the greatest security violations in recent history.
The attack, which targeted the Cold Portfolio Ethereum de Bybit, led to the loss of 401,347 ETH ($ 1.12 billion), 90,376 STETH ($ 253 million), 15,000 CMETH ($ 44 million) and 8,000 METH ($ 23 million), according to at the onchain lens.
Bybit’s safety breach explained
According to For Zhou, the attack came from a handling of the bybit multisig portfolio interface, encouraging the signatories to approve without knowing it a fraudulent intelligent contract update.
“It seems that this specific transaction has been masked. All the signatories saw the masked user interface, which showed the right address, and the URL was safe,” said Zhou. “However, the signature message was to modify the logic of the intelligent contract of our Cold ETH portfolio.”
The Bybit team has wrongly authorized a modification of the contract, allowing attackers to take total control of the cold portfolio and to transfer all funds to an unknown address.
Impact and response
Despite the violation, Zhou assured users that other cold portfolios remain safe and that withdrawals work as normal. However, the massive transfer of stolen funds in external portfolios has raised concerns about potential money laundering by decentralized finance platforms (DEFI) or confidentiality mixers.
“The hot contest portfolio, the hot wallet and all the other cold wallets are good. The only cold wallet that was hacked was Eth Cold Wallet. All withdrawals are normal, “he said.
Bybit is now working with blockchain investigators and cybersecurity teams to trace stolen assets. “If a team can help us follow the stolen funds, it will be appreciated,” said Zhou.
In Another declarationZhou has reaffirmed that users that the redoublin is solvent and all losses can be covered if the loss of hacking is not recovered.
According to Blockchain Sleuth Zachxbt, the attacker divided 10,000 ETH at 39 addresses and asked for exchanges or services to list these addresses on all EVM channels.
Read also: CEO of Coinbase, Brian Armstrong, said that the SEC has agreed to end the case of application of the “false” without penalties
Why is it important: Japanese exchange DMM Bitcoin Lost 4,502.9 Bitcoin BTC / USD On May 31 of last year, worth around 305 million dollars, in what has become the largest crypto hack in 2024.
TRM Labs then pointed out that the cause of the violation was not clear, with potential vectors, including stolen private keys or poisoning.
September 23, 2023, based in Hong Kong Mixing network underwent a loss of $ 200 million when the hackers violated the database of its cloud service provider, probably compromising private keys.
It was presented as the largest crypto feat in 2023, forcing the platform to suddenly stop operations.
Analysts suspect low management of keys as a deep cause.
In the same way, Finance EulerA DEFI protocol lost $ 70 million in a flash loan operating a vulnerability of smart contract on March 13, 2023.
According to reports, the pirate has manipulated the exchange rates of the tokens, but unusually, most of the funds were returned after the negotiations, the striker keeping a little generosity.
This remains one of the biggest incidents in 2023.
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