In a developing story, the Bybit exchange is suspected to have been hacked for over $1.4 billion. This comes following a report from on-chain sleuth ZachXBT about ETH ($2,763.29) outflows from the crypto exchange.
Bybit Suffer Hack Of Over $1.4 Billion
The Bybit exchange appears to have suffered a hack involving over $1.4 billion. Onchain sleuth ZachXBT reported suspicious outflows of over $1.4 billion from the top crypto exchange and listed certain addresses that were receiving these ETH outflows.
Meanwhile, the crypto exchange also reported an unauthorized transfer of ETH from its cold wallets due to masked UI spoofing accounts. However, it assured customers that other wallets remained secure.
In an X post, Bybit’s CEO Ben Zhou confirmed the hack incident. He revealed that the exchange’s ETH multisig cold wallet made a transfer to their warm wallet. Zhou added that it appears the hackers musked this specific transaction as all the signers saw the musked UI, which showed that the correct address and the URL were from the Safe platform.
However, according to him, the signing message was to change the smart contract logic of their ETH cold wallet. As a result, the hacker took control of the specific ETH cold wallet they signed and transferred all the ETH in the cold wallet to an unidentified address.
Zhou assured that all other cold wallets are secure. Meanwhile, he noted that all withdrawals were normal and called on any team that could help track the stolen funds to collaborate with them.
The post Breaking: Bybit Suffers Hack Of Over $1.4 Billion In ETH appeared first on CoinGape.
