Bybit, the renowned crypto exchange based in Singapore has suffered a significant hack as malicious actors made away with $1.4 billion.
In a confirmatory update by Ben Zhou, Bybit’s CEO on X, the attackers drained the funds from the exchange’s Ethereum (ETH) multi-signature cold wallet.
Sophisticated Attack Compromises Bybit’s Cold Wallet
According to Zhou, the hack was sophisticated as the attackers tricked signers of these cold wallets into approving a malicious transaction.
Notably, Bybit’s cold wallet, which stores crypto assets offline, is connected to the warm wallet, which is online.
The aim was to carry out an operational transaction, and the transfer initially appeared normal.
However, the team responsible for signing the transaction noticed a fake UI displaying a legitimate transfer address. Scrutiny revealed a hack had taken place.
The malicious actors manipulated the instruction, likely using a phishing method to deceive signers into approving their
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