Hackers stole nearly $1.5 billion from the Bybit cryptocurrency exchange

The cryptocurrency exchange Bybit was attacked by hackers who stole approximately $1.5 billion from its Ethereum wallet. This was reported by Bybit's CEO Ben Zhou.

The attackers exploited Bybit's multisignature ETH cold wallet and transferred the funds to a hot wallet while disguising the operation.

It is worth noting that hot wallets are more common and easier to use than cold wallets, which are considered more secure as they are not connected to the Internet.

The criminals altered the logic of the smart contract, but all signers saw the correct address and URL. This gave the hacker full control over the wallet, and all funds were transferred to an unknown address.

Despite the significant losses, Bybit's management states that all other wallets on the exchange remain secure and withdrawals are functioning as usual. Furthermore, the company claims that customer assets are backed 1:1, and in the event that they cannot recover the stolen funds, Bybit will compensate for the losses.

We want to assure our users and partners that all Bybit cold wallets remain secure. All customers' funds are safe, and our operations are running smoothly.

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