Ethereum (ETH) price has recorded a 4% decline in the past 24 hours, trading below $2,650 at press time. The drop follows reports of a security breach at cryptocurrency exchange Bybit, which confirmed an unauthorized transfer of approximately 401,347 ETH, valued at $1.12 billion, from its cold wallet. The breach involved an attack that manipulated the transaction signing process, allowing the hacker to redirect funds to an unidentified address.
Bybit Hack Triggers Ethereum Price Decline
The breach at Bybit has led to heightened concerns among investors, contributing to Ethereum price decline. The attack was carried out by exploiting a vulnerability in the multisig cold wallet, altering the signing interface while keeping the displayed address unchanged. This allowed the unauthorized transfer of ETH, stETH, and other assets.
The confirmation of the hack caused an immediate market reaction, with Ethereum price dropping from $2,850 to $2,750 within an hour. The stolen funds began moving
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