Bybit Reports $1.46 Billion Hack Impacting Cryptocurrency Prices
Bybit has reported $1.46 billion in suspicious outflows linked to a security incident involving a cold wallet. Key points include:
- 401,346 ETH ($1.1 billion) and staked ether (stETH) transferred to an unidentified wallet.
- The new wallet is liquidating mETH and stETH on decentralized exchanges, with approximately $200 million in stETH sold so far.
- CEO Ben Zhou confirmed the hack and stated that other cold wallets remain secure and withdrawals are normal.
- This incident marks the largest cryptocurrency hack by dollar amount, surpassing previous significant hacks.
- Following these developments, BTC and ETH declined more than 1.5% and 2%, respectively.