Bybit, the world’s second-largest cryptocurrency exchange (according to CoinMarketCap), has confirmed a major attack on its cold wallet, resulting in the theft of $1.46 billion worth of Ethereum (ETH).
Following the incident, ETH prices rebounded this morning.
This is the largest crypto theft in history, raising serious concerns about security, safety, and asset management in the cryptocurrency space.
On February 21, a wallet address belonging to Bybit transferred over 400,000 ETH to an unknown wallet. Additionally, some assets were swapped into ETH and moved to exchanges.
Bybit later confirmed this as a security breach, in which hackers stole $1.46 billion worth of assets and quickly laundered a portion of the funds.
Ben Zhou, co-founder and CEO of Bybit, stated that the exchange stores cryptocurrencies in multi-signature cold wallets—wallets disconnected from the internet that require multiple approvals for transactions. Before the breach, Bybit had conducted a transfer from its cold wallet to a hot wallet and verified the recipient address.
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