The hacker who breached Bybit for $1.4 billion reportedly used Binance to fund gas fees necessary for executing the attack.
Details of the Bybit Hack
One of the largest security breaches recently impacted Bybit. The attacker accessed one of Bybit's Ethereum cold wallets, extracting significant assets, including 401,347 ETH.
Binance's Role in the Attack
According to blockchain analytics firm Lookonchain, the hacker used funds from Binance to cover gas fees associated with illicit transactions three days before the attack. Security provider Beosin recommended Bybit liaise with Binance leadership to obtain the attacker's KYC information, which could aid in identifying the perpetrator.
Implications for the Crypto Market
The attack led to a price drop in Ethereum of up to 6%. It impacted broader cryptocurrency dynamics, causing temporary market value drops and raising investor concerns.
The Bybit incident highlights ongoing security challenges within the cryptocurrency space. Collaboration between Bybit and Binance could assist in identifying the hacker and preventing future breaches.
