Ethereum News: Bybit Confirms Major Security Breach, Hacker Steals 400,000 Ethereum Worth Nearly $1.4 Billion

Cryptocurrency exchange Bybit has recently confirmed a major security incident, resulting in the theft of a staggering 400,000 Ethereum, equivalent to nearly $1.4 billion. The exchange assures solvency despite this significant loss.

Bybit Confirms Major Security Breach, Hacker Steals 400,000 Ethereum

Cryptocurrency exchange Bybit has confirmed a significant security breach involving its ETH cold wallet. The incident occurred during a transfer process, where a sophisticated attack manipulated the transaction, allowing the hacker to gain control of the affected cold wallet and leading to the unauthorized transfer of 400,000 Ethereum.

Bybit Assures Solvency Despite Hack Loss of Nearly $1.4 Billion in Ethereum

Bybit, a crypto exchange, has recently been hacked, resulting in a loss of nearly $1.4 billion in Ethereum. Despite this massive loss, the co-founder and CEO of the exchange, Ben Zhou, has taken to social media to assure users that the exchange remains solvent. Zhou stated that even if the hack loss is not recovered, Bybit is still solvent and can cover the loss. The hack was confirmed by the Singapore-based crypto exchange, which detected unauthorized activity in one of their ETH cold wallets.

Bybit Faces $1.4 Billion Ethereum Hack, Confirms Founder

Bybit founder, Ben Zhou, has confirmed a massive $1.4 billion Ethereum hack affecting the cryptocurrency exchange. The hacker stole over $1.4 billion in liquid-staked Ether and MetaETH. Zhou updated users, revealing a Bybit ETH multisig cold wallet that had transferred funds to a warm wallet. However, he assured that all other cold wallets are secure.

Bybit Crypto Exchange Hacked for $1.4 Billion Worth of ETH

Crypto exchange Bybit announced it suffered a security breach in one of its ETH cold wallets, resulting in the theft of $1.4 billion worth of ETH. The attacker stole the funds by manipulating a transfer from the cold wallet to a warm wallet, altering the underlying smart contract logic. The incident was first spotted by crypto investigator ZachXBT.