According to the latest reports, Crypto Exchange Bybit has undergone a major hack and more than $ 1.46 billion from Ethereum has been removed from its hot wallets.
This could potentially be the largest security violation in the history of cryptography.
Bybit Hack: Everything we know so far
Chain data show that 401,346 ETH (worth $ 1.13 billion) would have been transferred from the hot portfolio of Bybit to an unknown portfolio address. The amount is now being liquidated, which has also had an immediately impact on the price of the Ethereum market.
This large transfer immediately aroused concerns that Bybit had suffered a violation, in particular given the significant value of the assets involved.
CEO of bybit ben Zhou confirmed Reports on social networks.
“Hacker took control of the specific Cold Seth portfolio that we have signed and transferred ETH to the cold portfolio to this unidentified address. Rest assured that all other cold wallets are secure. All withdrawals are normal, ”wrote Zhou on X (formerly Twitter).
According to his declaration, Ethereum Cold Wallet by Bybit was hacked because the attackers deceived their security system. Portfolio signatories (authorized people) saw a false user interface that showed the right address, making them believe that they approve a normal transfer.
However, in reality, they without knowing a change in the logic of the intelligent contract, which gave control of the pirate on the wallet. Consequently, the whole ETH of this cold portfolio was transferred to an unknown address.
“The biggest hacking of all time. Very similar to the access control of $ 235 million Wazirx, “said Blockchain Security Society in Beinchain, in Beinchain.
Meanwhile, the hack immediately had an impact on the price of the Ethereum market. Like large volumes of the stolen ethn have been liquidated, Altcoin fell 4% in a straight line.
According to Arkham dataNearly $ 200 million in ether marked by Lido (STETH) were sold in the first 30 minutes. Security experts told Beincrypto that this attack was almost identical to Wazirx and Radiant Capital Hack from last year.
“Two minutes before exit transactions, the pirate reparaced his safe multisig portfolio to delegate calls to the malicious pirate contract. This was probably caused by the blind signature while trying to execute a legitimate transaction. From that moment, hackers have total control over the portfolio and no longer needed additional signatures. This attack is very similar to those of Wazirx and Radiant Capital, “said Meir Dolev, co-founder and CTO of Cyvers, in Beincryptto.
It seems that Bybit was the victim of the same malicious techniques which caused the greatest hacks of 2024.
It is a current story. More information will be provided as the investigation takes place.
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