Bybit Exchange Hacked for $1.4 Billion in Ether
The Bybit exchange was hacked for approximately $1.4 billion in ether, representing the largest exploit in crypto history. The hacker transferred around 400,000 ETH from Bybit’s cold wallet and divided it into multiple wallets.
Key points include:
- The hack may have been years in the making.
- Bybit's CEO, Ben Zhou, indicated a vulnerability in the user interface of the company's multisignature wallet, provided by Safe.
- Zhou mentioned the transaction display was "musked," misleading signers into approving it.
- A multisig wallet deployed on Ethereum since 2019 shows identical transaction hashes on Ethereum and Base layer-2, indicating potential security issues.
- Safe's team stated that there is no link between their contracts and the current exploit.
- Precautions are in place with the main Safe user interface currently offline.
- There is a suggestion of a review risk in how transactions are approved, particularly for institutions using multisigs.
- The hacker is now the fourteenth largest holder of ETH.
Security experts recommend verifying transaction payloads at the raw data level rather than relying solely on UI displays.