Bybit Suffers $1.46 Billion Loss from Ethereum Cold Wallet Hack
Bybit experienced a significant security breach, resulting in the theft of approximately $1.46 billion in Ethereum tokens. The breach involved a cold storage wallet, typically regarded as secure. Key points include:
- The hack is among the largest in crypto history.
- Suspicious transactions were flagged by blockchain investigator ZachXBT, revealing a scheme where mETH and stETH were converted to ETH.
- Attackers utilized a "masked" transaction method, misrepresenting the transaction interface to gain approval from Bybit’s team.
- The stolen assets comprised 401,347 ETH ($1.12 billion), 90,376 stETH ($253 million), 15,000 cmETH ($44 million), and 8,000 mETH ($23 million).
mETH and stETH tokens were swapped for ETH. Source: Etherscan
Bybit confirmed that the breach was limited to a single wallet and assured users that other wallets remain secure. Withdrawal functions continue to operate normally. The company is collaborating with forensic experts to trace the stolen assets.
- 10,000 ETH has been distributed across 39 addresses.
- Bybit CEO Ben Zhou stated that the exchange can cover the losses even if the funds are not recovered.
- Following the breach, Ethereum's price dropped nearly 5%, trading at $2,729.