The cryptocurrency exchange ByBit has confirmed that it was the victim of a hacker attack that resulted in the theft of over 1.4 billion dollars in Ethereum (ETH).
The initial estimates indicate that the centralized exchange based in Singapore has suffered one of the most severe breaches in recent years in the crypto sector, with the transfer of enormous amounts of funds to an unidentified wallet.
The dynamics of the hack attack and the comment from ByBit
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The CEO of ByBit, Ben Zhou, stated on X that the hit was executed through a manipulation of the multisig signature of the platform’s cold wallet. According to reports, the attack involved an advanced phishing technique called “musked transaction”, which tricked the signers into validating a malicious operation without realizing it.
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“The multisig cold wallet of ByBit ETH just made a transfer to our warm wallet about an hour ago. However, the signature message modified the logic of the smart contrac
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