ByBit, a cryptocurrency exchange, has suffered the largest crypto theft in history after hackers stole $1.4 billion from its Ethereum-based holdings. The breach occurred through what ByBit CEO Ben Zhou described as a “masked transaction,” which tricked the platform into signing a change in the smart contract governing a wallet storing its Ethereum assets. Despite the massive loss, Zhou assured users that all other cold wallets remain secure and that the exchange will cover the stolen amount, meaning no customers will lose funds. This incident surpasses previous major crypto heists, including those involving Mt. Gox, Bitfinex, and FTX, both in scale and impact. According to blockchain analysis firm Chainalysis, total crypto thefts in 2024 amounted to $2.2 billion, making ByBit’s loss a significant new benchmark in cybercrime. — news from WIRED
