Hackers stole nearly $1.5 billion from the Bybit crypto exchange.

Bybit was attacked by hackers, $1.5 billion in Ethereum stolen

The cryptocurrency exchange Bybit was attacked by hackers who stole approximately $1.5 billion from its Ethereum wallet. This was reported by Bybit's CEO Ben Zhou.

The criminals exploited the use of Bybit's multi-signature ETH cold wallet and transferred the funds to a hot wallet, camouflaging this operation.

It is worth noting that hot wallets are more common and easier to use than cold wallets, which are considered safer since they are not connected to the Internet.

The perpetrators changed the logic of the smart contract, but all signers saw the correct address and URL. This gave the hacker full control over the wallet and all the funds were transferred to an unknown address.

Despite the significant losses, Bybit's management claims that all other wallets on the exchange remain secure and withdrawals are functioning without changes. Additionally, the company states that customer assets are backed 1:1 and in the event of an inability to recover the stolen funds, Bybit will compensate the losses.

We want to assure our users and partners that all Bybit cold wallets remain safe. All customer funds are secure, and our operations are running smoothly

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