The Bybit cryptocurrency exchange confirmed it was hacked on Friday, resulting in an estimated loss of $1.5 billion, potentially marking it as the largest crypto hack in history. According to Bybit CEO Ben Zhou, the breach involved approximately 401,000 Ethereum and occurred during a routine transfer from a cold wallet to a warm wallet. The company explained that the hackers executed a sophisticated attack, manipulating the signing interface to alter the underlying smart contract logic while displaying the correct address. This allowed the hacker to take control of the cold wallet and transfer its holdings to an unknown address. Despite the incident, Bybit assured clients that their assets are fully backed and withdrawals remain unaffected. The company, which manages over $20 billion in assets, processed over 350,000 withdrawal requests following the hack. Bybit is collaborating with blockchain forensic experts to trace the stolen funds, some of which have reportedly been moved to new addresses and sold. In 2024 alone, over $2.2 billion has been stolen from crypto platforms, according to Chainalysis. — news from Business Insider
