Bybit Hacker Moves 490,000 ETH, 15,000 cmETH Awaits Unstaking

The Bybit hacker has transferred 490,000 ETH to 49 addresses, with 15,000 cmETH still awaiting unstaking.

On February 22, a significant security breach occurred at Bybit, a leading cryptocurrency exchange. The hacker exploited a vulnerability in Bybit's ETH multi-signature cold wallet, resulting in the theft of approximately 514,000 ETH, valued at around $14.29 billion at the time of the incident.

The hacker swiftly transferred 490,000 ETH to 49 separate addresses, with each address receiving 10,000 ETH. Additionally, the hacker initiated the unstaking process for another 15,000 cmETH, which is subject to an 8-hour unbonding period. It remains uncertain whether this portion of the stolen assets can be intercepted during this time.

The incident has raised concerns about the security measures in place at major cryptocurrency exchanges. As the crypto market continues to grow, so does the need for robust security protocols to protect investors' assets. The Bybit hack serves as a stark reminder of the importance of implementing and maintaining strong security measures to prevent such incidents in the future.