Hackers Stole $1.5 Billion (400,000) Ethereum via Cold Wallets from 3rd Largest Digital Asset Exchange Bybit, CEO Ben Zhou Arranged Bridge Loan from Partners to Ensure Users Can Claim Ethereum, Ethereum is 3rd Most Traded Crypto after Bitcoin & Tether, Top 3 Crypto Exchanges are Binance, Coinbas & Bybit
22nd February 2025 | Hong Kong
Hackers had stolen $1.5 billion of (400,000) Ethereum via cold wallets from the 3rd largest digital asset exchange Bybit, with Bybit CEO Ben Zhou arranging bridge loan from partners to ensure users can claim their Ethereum. Ethereum is the 3rd most traded crypto after Bitcoin & Tether. The top 3 crypto exchanges are Binance, Coinbas & Bybit. ByBit (22/2/25): “What happened: On February 21, 2025, at approximately 12:30 PM UTC , Bybit detected unauthorized activity within one of our Ethereum (ETH) Cold Wallets during a routine transfer process. The transfer was part of a scheduled move of ETH from our ETH Multisig Cold Wallet to our Hot Wallet. Unfortunately, the transaction was manipulated by a sophisticated attack that altered the smart contract logic and masked the signing interface, enabling the attacker to gain control of the ETH Cold Wallet. As a result, over 400,000 ETH and stETH worth more than $1.5 billion were transferred to an unidentified address. What was the impact: Stolen funds: Over $1.5 billion worth of ETH and stETH have been compromised. Cause: A manipulation of the transfer process in our ETH Multisig Cold Wallet during a planned routine transfer. What You Need to Know: All Other Cold Wallets Are Secure: We want to reassure you that all other Bybit Cold Wallets are safe, and client funds are unaffected and remain secure. Withdrawals Are Not Halted: We understand that the current situation has led to a surge in withdrawal requests. Although this high volume may result in delays, please be assured that all withdrawals are being processed as normal. 1:1 Asset Backing: We want to emphasize that Bybit’s reserves are strong and 1:1 backed. All client assets are fully secured, and we are committed to maintaining the integrity of our platform. You can review our Proof of Reserves (PoR) on our PoR webpage.” The top 3 crypto exchanges are Binance, Coinbase & Bybit.
“ Hackers Stole $1.5 Billion (400,000) Ethereum via Cold Wallets from 3rd Largest Digital Asset Exchange Bybit, CEO Ben Zhou Arranged Bridge Loan from Partners to Ensure Users Can Claim Ethereum, Ethereum is 3rd Most Traded Crypto after Bitcoin & Tether, Top 3 Crypto Exchanges are Binance, Coinbas & Bybit “
Hackers Stole $1.5 Billion (400,000) Ethereum via Cold Wallets from 2nd Largest Digital Asset Exchange Bybit, CEO Ben Zhou Arranged Bridge Loan from Partners to Ensure Users Can Claim Ethereum, Ethereum is 3rd Most Traded Crypto after Bitcoin & Tether, Top 3 Crypto Exchanges are Binance, Coinbas & Bybit
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