Bybit Recovers from Major Hack: Key Insights and Current Status – BitRss

Recently, Bybit faced one of the largest hack attacks to date, with hackers stealing $1.46 billion worth of ETH ($2,692.57) from the exchange’s cold wallet. While the company claims to have quickly replenished the funds, concerns about outstanding debts remain prevalent among experts.

Current Status of the Bybit Hack

The hack targeted Bybit’s Ethereum $2,724 multi-signature cold wallet last week. According to blockchain analysis firm Lookonchain, hackers manipulated the signature interface through phishing techniques. This vulnerability allowed them to withdraw $1.23 billion worth of ETH from the wallet.

Current Status of the Bybit Hack

CEO Ben Zhou acted swiftly after learning about the attack, utilizing user deposits, emergency loans, and direct ETH purchases to mitigate the losses. The company aimed to regain user trust by restoring all its assets within just two days.

I…