Recently there has been a major cyber attack in the world of cryptocurrency, in which hackers stole cryptocurrency worth about $1.5 billion (₹12,848 crores) from the Bybit exchange. This is considered to be one of the biggest crypto hacks ever. After this incident, there is an outcry among the investors and they are worried about the safety of their funds. Let’s know Bybit Hack News in detail.
Bybit Hack News
Bybit is a popular crypto exchange that allows millions of users around the world to invest in crypto. According to reports, the attack took place on Bybit’s cold wallet, where the exchange stores its customers’ cryptocurrencies.
Bybit CEO Ben Zhou confirmed that cyber attackers circumvented the exchange’s security system. They forced wallet signers to inadvertently approve changes to the smart contract logic, giving the hackers full control and they were able to steal crypto on a large scale and transfer a huge amount of crypto. Many other digital assets including Ethereum (ETH) have been stolen in this cyber attack. However, Bybit has assured that they are taking steps to keep users’ funds safe.
Hackers sold 401,346 ETH ($1.1 billion), MegaETH (mETH) and Staked Ether (stETH-USD). Which was first reported by blockchain analyst ZachXBT.
Will Investors Get Their Crypto?
Bybit has not clarified how they will compensate the users for the loss till the time of writing the news. The exchange says that they are taking new steps to strengthen security. Crypto investors are advised to use cold wallets and adopt security practices such as 2FA, hardware wallets, and multi-sig authentication to keep their funds safe at all times.
Who is Behind the Bybit Crypto Hack?
According to blockchain security firm Elliptic, North Korea’s ‘Lazarus Group’ may be behind this attack. Lazarus Group is a state-sponsored hacking group, which has carried out several major crypto hacks in the past. The group has stolen billions of dollars worth of crypto, which is used for illegal activities and weapons programs.
These Big Crypto Platforms Have Also Been Hacked
This hack of Bybit is not the first case when a big exchange has been targeted by hackers. There have been many hacks before this that shook the crypto market.
- WazirX Hack (2024) – $235 million stolen
- FTX Collapse (2022) – Millions of users suffer huge losses due to exchange collapse
- Poly Network Hack (2021) – $600 million lost
- KuCoin Hack (2020) – $281 million stolen
- Binance Hack (2019) – $40 million stolen
- Coincheck Hack (2018) – $530 million stolen
Conclusion
Dubai-based crypto exchange Bybit has informed that hackers targeted Ethereum (ETH) cold wallets. This incident led to a drop in the price of Ethereum and increased concern among investors. Bybit has assured that all users will be compensated and other wallets are safe. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
