Bybit suffered the biggest crypto hack of all time as the exchange lost a staggering $1.4 billion in digital assets, sending shockwaves throughout the crypto ecosystem.
The hack triggered reactions from various corners. Elliptic’s Chief Scientist called the hack “the largest crypto theft of all time, by some margin.”
Bybit Suffers Largest Hack In History
The hack was noticed by on-chain investigator ZachXBT, who flagged suspicious outflows of over $1.4 billion from the crypto exchange. The investigator also listed addresses that were receiving the outflows. Meanwhile, Bybit reported an unauthorized Ethereum (ETH) transfer from its cold wallets due to masked UI spoofing accounts. However, the exchange assured its customers that all other wallets remained secure. Bybit CEO Ben Zhou took X to confirm the hack, stating that the exchange’s multisig cold wallet had been transferred to their warm wallet.
According to Zhou, the hackers musked this specific transact
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