Bybit hacked for almost $1.5 billion in the biggest crypto theft ever

Bybit lost $1.5 billion in Ethereum in a major crypto heist, impacting 9% of assets.

: Bybit, a cryptocurrency exchange, suffered a massive hack with a loss of almost $1.5 billion in Ethereum, marking one of the biggest heists in history. The hacker took advantage of a cold wallet, manipulating a transfer, and redirecting funds to an unidentified address. Bybit CEO Ben Zhou assured users that all withdrawals are 'NORMAL' and mentioned securing 80% of the cover for the loss through partner bridge loans. Zhou also called for help from blockchain experts to trace and recover funds.

In a striking event, Bybit, a cryptocurrency exchange, fell victim to a monumental cyber theft, losing nearly $1.5 billion in Ethereum. This event is likely the largest crypto heist to date, according to Rob Behnke from Halborn. The hacker gained control over a cold wallet, redirecting a planned transfer to an unidentified party. Bybit's CEO, Ben Zhou, revealed that the cold wallet's smart contract logic was altered to facilitate this massive theft.

Despite the breach impacting approximately nine percent of Bybit's total assets, Zhou reassured users by stating that all other cold wallets were secure, and withdrawals continued to operate normally. To mitigate the losses, Bybit has already secured around 80% of the necessary funding through partner bridge loans. However, this incident caused a significant impact on market sentiment, with Ether and Bitcoin prices dropping notably in response.

In response to the crisis, Bybit reached out for support from blockchain forensic experts and teams with experience in fund recovery. The exchange aims to trace and reclaim the stolen assets with the help of external collaborators. This daring heist comes as a stark reminder of the vulnerabilities that still exist within the rapidly evolving world of cryptocurrency security.

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