According to the latest reports, Bybit was subjected to a hacking attack with an Ethereum worth an Ethereum worth approximately $ 1.46 billion from his hot wallets. This may be one of the biggest security violations in crypto history. Bybit CEO Ben Zhou, in a statement on social media, said the details of the hacking attack.
Bybit Hacking Attack is now known
According to On-Chain data, 401,346 ETH (about $ 1.13 billion) was transferred to a wallet unknown from the hot wallet of Bybit. It was found that these funds were rapidly distributed to different wallets and were offered for sale through decentralized stock exchanges (DEXs).
After this huge transfer, many people began to suspect that Bybit had a security violation. In particular, the size of the transfer assets increased concerns.
Description from Bybit CEO
Ben Zhou, CEO of Bybit, confirmed the attack on social media:
The attacker seized a certain ETH cold wallet we signed and transferred all the assets to an unknown address. However, our other cold wallets are safe and all shooting processes continue normally.
How did the hackers exceed Bybit’s security system?
According to the authorities, the attackers deceived Bybit’s security system and seized the Ethereum cold wallet. Authorities thought that they have approved transactions through a false user interface. However, without realizing it, they changed the logic of the smart contract and allowed the attackers to completely control the wallet.
As a result, all Ethereum assets in the wallet were transferred to an address under the control of hackers. Deddy Lavid, CEO of Blokzincir Security Company Cyvers, evaluated this attack with the following words:
This hack may be the biggest hack attack so far. It is very similar to the $ 235 million access control attack on Wazirx in 2024.
Ethereum price was instantly affected
This big hack attack directly affected the Ethereum price. The rapid sale of the stolen ETHs caused a sudden decrease in the markets and Ethereum’s price fell more than 4 %.
According to Arkham data, Lido Staked Ether (Steth) was sold in the first 30 minutes after the attack. Blokzincir security experts, this attack last year Wazirx and Radiant Capital’e attacks are very similar to the attacks, he says. Cyvers CTO Meir Dolev explained how the incident took place with the following words:
Hacker, two minutes before the money output transactions SAFE Multisig Wallets to a malicious intelligent contract directed. Authorities, unintentionally blind signature by making full control to the attackers. From then on, the hackers did not need additional signatures to manage the wallet.
Bybit is the target of malicious actors using the same techniques with the largest cyber attacks in 2024. The investigation into this incident continues. Kriptokoin.comWe will be transferring the details of hot development.
