A recent hack on the Bybit exchange led to the theft of $1.46 billion in Ethereum. While the exchange quickly addressed the losses, questions about debts remain.
What Happened During the Bybit Hack?
According to Lookonchain, the hack targeted Bybit's Ethereum multi-signature cold wallet. Hackers exploited vulnerabilities in the signature interface using phishing tactics, extracting $1.23 billion worth of ETH.
How Did Bybit Respond to the Crisis?
Bybit CEO Ben Zhou took immediate action, using user deposits, emergency loans, and direct ETH purchases to cover losses. Recovery funds were secured through: - Private agreements (157,660 ETH - $437.8 million). - Transfers from other exchanges (109,033 ETH - $304.1 million). - Loans from significant investors (47,800 ETH - $127.5 million). - Support from Bitget (40,000 ETH - $106 million). - Smaller private agreements (22,609 ETH - $61.8 million).
The Aftermath and Community Reaction
Some critics, including crypto expert Hermes Psychopomp, are skeptical about Bybit's full compensation claims. The hack impacted Ethereum prices and is linked to the Lazarus Group, which may use crypto mixers to launder stolen ETH.
The Bybit hack highlighted cybersecurity risks for crypto exchanges. Despite swift actions, questions about debts and security persist.
