ByBit’s cold wallet is breached and $1.5 billion worth of Ethereum stolen
The crypto exchange ByBit Hackers have stolen approximately $1.5 billion from the bank. Ethereum The (ETH) is a cryptocurrency. stolen — making this one of the biggest hacks in history.
On the 21st of February, the crypto trading platform X stated that it had detected unauthorized activity involving an Ethereum cold wallet.
According to the firm
“The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. This transaction was manipulated by a sophisticated hack that altered the logic of the smart contract while masking the signing interface.
As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.”
On-chain data indicates that the attacker took 401.346.76 ETH is worth approximately $1 billion.
Lookonchain, a blockchain analysis company, has stated that the stolen assets included around $1.5 billion worth of different assets, including Ethereum staked.
The platform stated that the suspect address had already begun to swap the stolen funds into ETH.
ByBit still operating
ByBit stated that all of its operations are still “normal” and that it was investigating the incident.
The exchange said:
“Our security team, alongside leading blockchain forensic experts and partners, is actively investigating the incident. Any teams with expertise in blockchain analytics and fund recovery who can assist in tracing these assets are welcome to collaborate with us.”
Meanwhile, Ben Zhou, ByBit’s CEO, corroborated the situation while emphasizing that:
“Bybit Hot wallet, Warm wallet and all other cold wallets are fine. The only cold wallet that has been hacked is the ETH cold wallet. ALL withdraws are NORMAL.”
