• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bybit Loses $1.46 Billion in Ethereum Due to Cyber Attack

user avatar

by Giorgi Kostiuk

5 months ago


The cryptocurrency exchange Bybit has confirmed that it has fallen victim to a sophisticated attack on its Ethereum cold wallets, resulting in a significant loss of funds.

Technical Details of the Attack

The attack leveraged a technique known as 'musked UI,' where all authorized signers on Bybit's ETH multisignature wallet were deceived into approving a malicious transaction. The compromised UI displayed the correct transaction details and the expected recipient address, without raising suspicions. The transaction message concealed a more nefarious operation - the approval of a change to the smart contract logic of the ETH cold wallet, granting unauthorized access to the attacker who then drained the wallet to an unidentified address.

Security Measures and Implications

Bybit promptly responded to the detected breach, ensuring that other cold wallets remained secure and that withdrawal and exchange operations continued to function normally. The incident raises serious concerns over the security of multisignature wallets, highlighting how UI elements can be manipulated to mislead authorized signers. This event serves as a critical challenge for developing new defensive measures in the crypto industry.

Tracking and Recovering Funds

Blockchain transparency allows for real-time tracking of fund movements. The stolen funds were transferred to an unknown address, as detailed in the Ethereum blockchain transaction log. Efforts are underway within the cryptocurrency community to trace and potentially recover the stolen assets. Blockchain analytics firms may play an essential role in tracking fund movements and identifying potential exit points.

The incident is a crucial reminder of the need for improving security measures in the crypto industry. Bybit's transparency and swift response to the incident underscore the importance of adapting to new challenges in the digital world, ready to inform future security best practices.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Overview of XYZVerse: Investment, Community, and the Meme Token's Future

chest

Learn about XYZVerse ($XYZ)—a new meme token, its ecosystem, and prospects in the cryptocurrency market.

user avatarGiorgi Kostiuk

U.S. Government Introduces Ban on Yield-Bearing Stablecoins: Market Implications

chest

The GENIUS Act signed by Trump bans yield-bearing stablecoins in the U.S., impacting market strategies and DeFi.

user avatarGiorgi Kostiuk

Top Cryptocurrencies: Why BlockDAG, Dogecoin, Ethereum, and Monero Keep Impressing

chest

This article examines the reasons behind the stability and popularity of BlockDAG, Dogecoin, Ethereum, and Monero in the cryptocurrency market.

user avatarGiorgi Kostiuk

Top Cryptos for 2025: BlockDAG, VeChain, Sei, and Bonk Stand Out

chest

Overview of top cryptocurrencies in 2025, including BlockDAG, VeChain, Sei, and Bonk, and why they are considered promising.

user avatarGiorgi Kostiuk

Large Bitcoin Withdrawal from Binance: 1,000 BTC Leaves the Exchange from New Wallets

chest

A significant withdrawal of 1,000 BTC valued at $118 million took place at Binance. Learn what this means for the crypto market.

user avatarGiorgi Kostiuk

Overview of Promising Cryptos: BlockDAG, Pi Network, Kaspa, and Stellar

chest

Explore innovative cryptocurrencies like BlockDAG, Pi Network, Kaspa, and Stellar that may shape the future of technology.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.