Bybit Wallet Hack: Cybercriminals Steal $1.4 Billion in Ethereum
In a recent announcement on X, Bybit has revealed a significant security breach involving a “sophisticated attack” that allowed hackers to seize control of an Ethereum (ETH) cold wallet. This incident has led to the transfer of its holdings to an unidentified address, raising concerns within the cryptocurrency community.
Details of the Bybit Hack
During a livestream, Bybit’s CEO, Ben Zhou, disclosed that the hackers managed to steal approximately 401,346 ETH, which is valued at over $1.4 billion. This theft marks it as one of the largest known crypto heists in history.
Impact on the Cryptocurrency Market
According to data from Etherscan, a substantial amount of the stolen ETH has already been liquidated on decentralized exchanges, further impacting the market.
Reassurances from Bybit
In his post on X, Zhou reassured users that all other cold wallets are secure and that withdrawals are operating normally. He emphasized:
- “Please rest assured that all other cold wallets are secure.”
- “All withdrawals are NORMAL.”
Bybit’s Financial Stability
Zhou also provided insights into Bybit’s financial health, stating:
- “Bybit is solvent, even if this hack loss is not recovered.”
- “All clients’ assets are 1 to 1 backed, we can cover the loss.”
As the situation develops, Bybit continues to monitor the security of its platforms and assures clients of their commitment to safeguarding assets. For more information on cryptocurrency security, you can visit CoinDesk.
