In a record-setting cyber heist, hackers have stolen approximately $1.5 billion in digital assets from Bybit, a prominent cryptocurrency exchange. The breach, which occurred during a routine transfer from Bybit’s cold wallet to a warm wallet, involved the manipulation of the transaction interface, allowing the attackers to gain control of the cold wallet and siphon off around 401,000 Ethereum to an unknown address.
Bybit’s CEO, Ben Zhou, has reassured clients that the exchange remains solvent, with all customer assets fully backed and unaffected wallets and withdrawals. In response to the incident, over 350,000 withdrawal requests were processed promptly. The company is collaborating with blockchain forensic experts to trace and recover the stolen funds, which are reportedly being moved to new addresses.
This event underscores the persistent security challenges within the cryptocurrency sector. In 2024 alone, $2.2 billion was stolen from various crypto platforms, highlighting the need for enhanced security measures to protect digital assets.