21.02.2025 19:20
The Singapore-based giant cryptocurrency exchange Bybit has fallen victim to a major cyber attack that resulted in a loss of $1 billion worth of Ethereum. The attackers manipulated the user interface to bypass cold wallet security and transferred the assets to an unknown address.
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The cryptocurrency world's giant platform Bybit has been shaken by the largest cyber attack in its history. The Singapore-based exchange lost $1 billion worth of Ethereum due to the manipulation of the user interface, which led to the breach of cold wallet security. The attackers converted the stolen ETH into stETH and mETH assets and transferred them to an unidentified address.
Cold Wallet Security Breached Billions of Dollars Worth of ETH Assets Transferred to Unknown Account
Bybit, one of the leading platforms in the cryptocurrency world, faced the largest cyber attack in its history. It was reported that the exchange lost approximately $1 billion worth of Ethereum (ETH) as a result of the attack.
Ben Zhou, the co-founder and CEO of Bybit, who made a statement about the incident, shared the technical details of the attack. According to Zhou's statement, during the transfer from the ETH multisig cold wallet to the hot wallet, manipulation was carried out on the user interface. The validators were faced with a manipulated interface that only showed the correct address. It was noted that changes were made to the logic of the smart contract in the cold wallet during this process, resulting in the control of a specific ETH cold wallet falling into the hands of malicious individuals.
According to investigations conducted on the blockchain, the attackers gained access to Bybit's hot wallets and converted the ETH into stETH and mETH assets. All funds were transferred to an unidentified address.
Zhou emphasized that the security of other cold wallets remains intact to reassure users. It was also announced that the exchange would carry out a planned maintenance work on Tuesday. The investigation into the incident is still ongoing.
Important Warning: This news does not constitute investment advice. Cryptocurrency markets carry high risks, and there is a possibility that your investments may lose value. We recommend that you conduct your own research when making investment decisions and consult a financial advisor if necessary.
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