As earlier reported, Bybit announced via a post on X that unauthorized activity compromised one of its Ethereum cold wallets, a supposedly secure offline storage system.
The breach occurred during a transfer from the cold wallet to a warm wallet.
However, a sophisticated attack masked the signing interface, tricking users into approving a malicious transaction.
This allowed the attacker to alter the wallet’s smart contract logic, draining its funds to an unknown address.
Bybit’s co-founder and CEO, Ben Zhou, quickly reassured users that all other cold wallets remain secure.
He maintained that client funds are safe, with operations continuing normally.
Source: Bybit/X
However, the scale of the loss—over $1.4 Billion in Ethereum—has raised concerns about the exchange’s security measures and the broader vulnerabilities in the crypto space.
Zhou emphasized transparency, stating that the company is working with blockchain forensic experts to investigate and recove
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