Coin-Turk 10 minutes ago
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A massive hack at the Bybit exchange has revealed significant security vulnerabilities within the platform. Hackers managed to steal $1.5 billion worth of Ethereum (ETH ($2,684.51)) 
$2,692. Analyst David Leung’s insights shed light on how the attack occurred and the mistakes Bybit made.
How Did the Bybit Hack Happen?
The Bybit hack utilized a method known as “Blind Signing.” This technique allows users to approve transactions without seeing all the details. Consequently, hackers accessed Bybit’s cold wallet containing the ETH and transferred the funds to a single account. They then dispersed the assets across multiple wallets to cover their tracks.
Details of the Bybit HackThe attack involved two smart contracts that contained Trojan and backdoor elements. A seemingly harmless ERC ($0.03)-20 transfer was executed to deceive Bybit’s multi-signature wallet. Hidden w…
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