Crypto Giant Bybit Hacked: $1.5B Stolen in Largest Ever Crypto Heist

The cryptocurrency market experienced a significant downturn following the announcement of a massive hack involving $1.5 billion worth of cryptocurrencies on Bybit, a prominent cryptocurrency exchange. This incident has been reported as the largest crypto hack to date.

Bybit, a Singapore-based centralized crypto exchange, confirmed that it had been hacked, with early estimates suggesting a loss of over $1.46 billion worth of ETH. The investigation into the incident is ongoing. According to the CEO, the hack involved the manipulation of the signing interface on Bybit's Ethereum multisig cold wallet, tricking signers into approving a change in the wallet's smart contract logic. This allowed the hacker to take control of the specific ETH cold wallet and transfer all the ETH in that wallet to an unidentified address.

The CEO of Bybit, Ben Zhou, stated, "Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from Safe. However, the signing message was to change the smart contract logic of our ETH cold wallet. This resulted in the hacker taking control of the specific ETH cold wallet we signed and transferring all ETH in the cold wallet to this unidentified address. Please rest assured that all other cold wallets are secure. All withdraws are NORMAL. I will keep you guys posted as more develops, If any team can help us to track the stolen fund will be appreciated."

The story will be updated as more information becomes available.