Breaking news, folks! Bybit’s CEO, Ben Zhou, has confirmed that their Ethereum (ETH) cold wallet has been compromised. That’s right, you heard it here first!
The popular cryptocurrency trading platform has allegedly lost a whopping $1.4 billion worth of ETH and some other tokens. Ouch!
Now, you might be wondering how this happened. Well, it’s like a scene straight out of a heist movie! The hacker “musked” the exchange, using complicated phishing and spoofing techniques. It’s like they created a fake ATM interface to trick the signers.
According to Zhou, all the signers saw the musked UI, which showed the correct address and the URL from Safe.eth. But alas, it was all a ruse! The hacker used the signing message to change the smart contract logic of the exchange’s ETH cold wallet. This allowed them to take control of the specific ETH cold wallet it signed and transfer all ETH in the cold wallet to this unidentified address. 😱
But fear not, dear readers! Bybit is currently processing withdrawals, and the other cold wallets have not been affected, according to Zhou. 🎉
“Bybit Hot wallet, Warm wallet, and all other cold wallets are fine. The only cold wallet that was hacked was ETH cold wallet. ALL withdraws are NORMAL.,” Zhou said. 🤗
And in case you’re worried about Bybit’s solvency, they’ve confirmed that the exchange will remain solvent even if it fails to recover the lost funds. Phew! 😅
As for the price of Ethereum (ETH), it has plunged by nearly 3% on the news. But hey, that’s just the crypto market being its usual, unpredictable self. 🤪
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2025-02-21 19:19