Cryptocurrency exchange Bybit has fallen victim to a cyber-attack that resulted in the theft of over $1.4 billion in ETH. The exchange emphasizes that this does not affect other assets and remains solvent.
Details of the Hack
According to Bybit representatives, the attackers managed to access an ETH multisig cold wallet and redirect funds to a warm wallet. They exploited a spoofed user interface to alter the smart contract logic. Security experts are continuing their investigation.
Market Reaction
Following the incident, Tron and its founder Justin Sun assured full support in the investigation and recovery of the stolen funds. Additionally, Safe Wallet has paused certain wallet functions as a precaution.
Impact on the Crypto Market
After the news of the hack, the crypto market experienced a brief downturn: Bitcoin fell to $97,000, and ether by nearly 4%, to $2,700. Despite the turbulence, Bybit has maintained operational functionality for withdrawals, with proof of reserves reasserted.
The attack on Bybit stands as one of the largest incidents in cryptocurrency history. However, thanks to the prompt actions of participants and ongoing investigations, the exchange managed to secure most of its assets and maintain platform operations, strengthening investor trust.
