While the 20th-century robbery involved demarcating a location, a man was recruited internally and letting Daredevil vacation drivers wait outside, the 21st-century version looked more like Bybit’s experience. hacker Stealed Ethereum (ETH) has nearly $1.5 billion and fixed Ethereum from one of the exchange’s offline wallets, accounting for the largest cryptocurrency shipping ever. A blockchain security expert said this could be the biggest robbery of any kind, not just cryptocurrency.
Bybit CEO Ben Zhou Posted On X, hackers control one of the exchange’s cold (offline) wallets, manipulating the transfer of the plan and sending it to an unknown party. “Signing information is changing the smart contract logic of our Eth Cold Wallet,” Zhou wrote. He explained that the hacker “controlled the specific ETH cold wallet we signed in the cold wallet and transferred all ETH to this unknown On the address. ”
Rob Behnke, co-founder and executive director of blockchain security company Halborn, Tell Bloomberg The robbery may be “the biggest event ever, not just cryptocurrency”.
Bybit Hack eclipses previous record crypto theft, including $620 million in 2022 From Ronin Network and $610 million from Poly Network In 2021. besides The infamous 2011 Gox Hackoccupying 850,000 bitcoins. The losses at that time were about $450 million. But one asterisk on Bybit’s “Best Ever” title is that Mt. Gox Haul is worth much higher today: over $81 billion. It’s hard to imagine what the number of similar events might have been like in the past decade.
according to BloombergBybit had approximately $16.2 billion in assets before hacking, with an average daily transaction of more than $36 billion. Friday’s thefts accounted for about 9% of its total assets. As news of the robbery spread, Ethereum fell 6.7% from its day-to-day high. Bitcoin also cut its highs by about 3% on Friday.
It sounds like the ultimate manifestation of the “This is Good” meme, Zhou assured customers that everything is Bybit’s Okie-dokie. “Don’t worry, all other cold wallets are safe,” he said. “All extractions are normal.” (On all hats, ordinary people absolutely show that things are peaches.)
To be fair, Zhou said Bybit has secured 80% of the funds needed to pay for losses through partner bridge loans. So maybe the Dubai-based exchange will recover from the incident better than one might think. He added in his life: “Your money is safe and our withdrawals are still open.”
On the other hand, Bybit’s X account Posted Ask for help. After speaking out about its security team and blockchain forensic experts, it added: “Any team with expertise can assist in tracking these assets in terms of blockchain analytics and fund recovery, and we are welcome to work with us.”
