Market Crashes After Bybit Faces $1.5 Billion ETH Hack
3 min read
The cryptom market experienced a significant downturn after bybit, a prominent cryptocurrency exchange, announced a devastating hack with cryptocurrencies worth 1.5 billion US dollars. This incident is the largest crypto hack to date. The latest updates, including statements by the CEO, confirm that Bitbit has been compromised, which led to a loss of Ethereum of approx. 1.5 billion US dollars.
Bybit looks the biggest hack in history
Bybit, the centralized crypto exchange based in Singapore, seems to have been hacked. Early estimates indicate that the exchange ETH worth over 1.46 billion US dollars has lost, although the examination has not yet been completed.
The CEO described the hack on Bybits Ethereum Multisig Cold Wallet, where attackers manipulated the signature interface in order to make the signal to approve the intelligent contract logic of the wallet and to enable the theft of the entire ETH in this wallet.
CEO Ben Zhou said: “Bybit ETH Multistig Cold Wallet just transmitted to our warm wallet about 1 hour ago. It seems that this specific transaction was muscular, all signatories saw the muscle -drawn user interface, which showed the right address and was the URL from Safe. However, the signing message was to change the intelligent contract logic of our ETH Cold Wallet. This caused Hacker to take control of the specific ETH cold letter bag, which we signed and transferred the entire ETH to this non -identified address in the cold wallet. Please be assured that all other cold wallets are safe. All withdrawal are normal. I will keep you up to date if more develops if a team can help us to follow the stolen fund, is estimated. “
On Tuesday, the Exchange announced that the planned maintenance to be carried out on his live server and extends from this until tomorrow. The hack was first reported by ZachxBT, who found that Meth and Steth were actively exchanged for Ethereum for decentralized stock exchanges (Dexs), according to Onkains.
The attacker has transferred tens of thousands from Ethereum to 48 different addresses. ZachxBT has asked the exchange and services to put these addresses on the black list to prevent the further movement of the stolen means.
The price of Ethereum is faced with a sharp decline
The funds were sent to an address for the first time, starting at 0x476, which received assets of over 1.1 billion US dollars, including 400,000 ETH, 90,000 Steth, 15,000 cmeth and 8,000 ceth. The majority was then transferred to a second address, 0xA4B2F, where they were exchanged on decentralized platforms such as uniswap, paraswap and kyberswap.
After the hack, the price of Ethereum fell greatly. Coinmarketcap reports that ETH recorded a decline of 5% and reached a low of around 2,680 US dollars. In the meantime, Bitbit's CEO has assured that customers who are affected by the hack will be reimbursed for their lost funds.
He explained: “Bybit hot wallet, warm wallet and all other cold wallets are fine. The only cold wallet that was chopped was ETH Cold Wallet. All withdrawal are normal. “
He also said: “Bitbit is a solvent, even if this hack loss is not restored, all customer assets are 1 to 1. We can cover the loss.”
Unfortunately, this incident is the largest crypto hack in history and surpasses the previous record of the Ronin Network, in which 625 million US dollars were stolen.
