Massive Bybit Hack: Hackers Stole $1.5 Billion in Cryptocurrency

Cryptocurrency exchange Bybit lost $1.5 billion due to a hacker attack

The leading cryptocurrency exchange Bybit suffered from a hacker attack in which crypto assets worth approximately $1.5 billion were stolen. This information was confirmed by the exchange's CEO, Ben Zhou.

The attackers employed a sophisticated scheme, using a fake interface that mimicked the Safe platform for managing crypto wallets. Thanks to an accurate copy of the original design, the exchange's employees unknowingly authorized a fraudulent transaction.

Noticing unusual movements of funds from Bybit wallets, crypto analyst ZachXBT was the first to notice this activity. He pointed out that the stolen mETH and stETH tokens were converted into Ethereum through decentralized exchanges.

The Bybit management reassured its users, stating that only one cold wallet was affected, other reserves remain safe, and the platform continues to function normally. Customers can continue to withdraw their funds as the loss did not impact the overall liquidity of the exchange.

It is important to note that cold wallets used for storing crypto assets are usually disconnected from the internet and do not participate in active operations. Having multiple such storage facilities within the exchange's structure helps minimize the risks of similar incidents for the platform's overall operation.