A massive crypto heist on the Bybit exchange has made the perpetrator one of the largest Ethereum holders in the world, surpassing Ethereum co-founder Vitalik Buterin and major investment firms like Fidelity.
What happened?
A hacker gained access to one of Bybit's Ethereum cold wallets, as disclosed by the exchange's CEO Ben Zhou in a post on X. A series of suspicious transactions led to $1.46 billion in assets being moved out of the wallet. This hack is considered the biggest cryptocurrency theft in history, surpassing the $611 million taken from Poly Network in 2021.
Scale of the theft
According to research firm Nansen, more than $1 billion in Ether and other derivatives were stolen from Bybit. This included 401,347 ETH worth $1.12 billion; 90,376 stETH worth $253.16 million; 15,000 cmETH worth $44.13 million; and 8,000 mETH worth $23 million. These funds were converted to Ethereum and distributed across more than 40 different wallets, with many still retaining the stolen assets.
Consequences and actions
Bybit's CEO stated that the exchange has taken out bridge loans with partners and secured approximately 80% of the funds needed to cover the loss. The exchange is actively working to recover the stolen assets and plans to take legal actions against the hackers.
The Bybit heist is a significant event in the crypto world, overshadowing previous major incidents. The exchange continues its efforts to recover assets while the hacker remains one of the largest ETH holders globally.
