The crypto community is shaken by news of a hacking attack that resulted in the theft of $1.4 billion, mostly in ETH.
Details of the Hack
The hacker executed large transfers of 10,000 ETH per address. The breach caused a 3% drop in ETH price before rapid recovery.
Bybit's Response to the Attack
Uncertainty increased when at least $200 million in USDT was transferred from Bybit’s cold wallet to its hot wallet. The reasons for this move remain unclear.
Updated: A hacker has compromised $1.4B. The hacker is making large transfers of 10K ETH per address. At least $200M USDT was moved from Bybit’s cold wallet to its hot wallet.
Market Reaction and Consequences
ETH price initially dropped by 3% but quickly recovered. The event highlights security vulnerabilities in crypto platforms.
As investigations continue, users are advised to monitor updates and take necessary precautions when dealing with exchanges.
