The ETH theft incident on Bybit has revealed significant security issues in cryptocurrency exchanges. Let's review the key events and implications of the attack.
Timeline of the Attack
On February 19 at 07:15, the hacker deployed a malicious smart contract. On February 21 at 14:13, they used a fake interface to deceive signers. By 21:20 that day, assets worth $1.5 billion had been stolen. Bybit confirmed the attack on February 22, assuring the safety of other wallets.
Industry Response
Ben Zhou promised to compensate user losses and reported support from other platforms. Tether and others froze assets. Despite these efforts, the attacker still holds a significant amount of ETH.
Conclusions and Aftermath
The incident caused a temporary drop in ETH price. Security experts urge the implementation of strengthened protection methods. As Slow Mist's founder Yu Xian stated, security requires a comprehensive approach.
The Bybit incident highlights the necessity of improving security measures in the crypto industry. The losses are significant, and only combined efforts can overcome such challenges.
