"Bybit Hack: $497M Ethereum Stolen in Four Days"

Over the course of four days, an estimated $497 million worth of Ethereum (ETH) was covertly transferred following an exploit on the Bybit cryptocurrency exchange. The incident, which began on March 23, saw the hacker exploit a vulnerability in the exchange's smart contract, allowing them to drain funds from multiple user accounts.

The hacker initially targeted a single user, draining their account of 13,000 ETH. However, they quickly realized that the exploit could be applied to other accounts as well. Over the next four days, the hacker systematically drained funds from multiple accounts, totaling approximately 40,000 ETH, or $497 million at the time of the incident.

The transfers were conducted through a series of complex transactions, designed to obfuscate the hacker's trail. The hacker used multiple addresses and employed techniques such as "peeling chains" to make it more difficult for investigators to track the stolen funds.

Bybit, the affected exchange, has since taken steps to mitigate the damage. The exchange has frozen the hacker's accounts and is working with law enforcement to track down the perpetrator. Additionally, Bybit has offered a reward of $1 million for any information leading to the arrest and conviction of the hacker.

The incident highlights the ongoing challenges faced by the cryptocurrency industry in terms of security. As the value of cryptocurrencies continues to grow, so too does the incentive for hackers to target exchanges and other vulnerable points in the ecosystem. The industry must continue to invest in robust security measures to protect users and their assets.