Bybit Major Hack: Hackers Steal Cryptocurrency Worth $1.5 Billion.

Cryptocurrency exchange Bybit lost $1.5 billion due to a hacker attack

The main cryptocurrency exchange Bybit was hit by a hacker attack, during which crypto assets worth approximately $1.5 billion were stolen. This information was confirmed by the exchange's CEO, Ben Zhou.

The attackers used a complicated scheme, employing a fake interface that mimicked the Safe platform for managing crypto wallets. Thanks to an exact copy of the original design, the exchange's employees unwittingly authorized a fraudulent transaction.

Noticing unusual fund movements from Bybit wallets, crypto analyst ZachXBT was the first to observe this activity. He noted that the stolen mETH and stETH tokens were converted into Ethereum through decentralized exchanges.

The Bybit management reassured its users, stating that only one cold wallet was affected, other reserves remain safe, and the platform continues to operate normally. Clients can continue to withdraw their funds as the loss does not affect the overall liquidity of the exchange.

It is important to note that cold wallets, which are used for storing crypto assets, are usually disconnected from the Internet and do not participate in active operations. Having multiple such vaults in the structure of the exchange helps minimize the risks of such incidents for the overall operation of the platform.