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Bybit wallet hack sees crooks nab $1.4bn in ETH

Crypto exchange Bybit says hackers have stolen nearly $1.5 billion in Ethereum (ETH) from one of its cold wallets.

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Bybit wallet hack sees crooks nab $1.4bn in ETH

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In post on X, Bybit says a "sophisticated attack" enabled crooks to gain control of the affected ETH cold wallet and transfer its holdings to an "unidentified address".

Bybit CEO Ben Zhou has said in a livestream that the hackers stole around 401,346 ETH, worth over $1.4 billion, making this the largest known crypto theft in history.

According to the etherscans website, hundreds of millions of dollars' worth of the ETH has already been liquidated on decentralised exchanges.

On X, Zhou says: "Please rest assured that all other cold wallets are secure. All withdrawals are NORMAL."

He adds: "Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss."

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Comments: (2)

Rocky Stefano

Rocky Stefano CEO at Identita Inc.

1.5 BILLION from a cold wallet, instantly liquidated on decentralised exchanges? That's an inside job if I EVER saw one. All the other cold wallets are secure except this one? Sounds like they targetted a WHALE from the inside. 

Eli Talmor

Eli Talmor CEO at ID-Bound

This post below was written almost 6 months before a Bybit Hack!
The post "TRIO vs. Multi-Sig Wallets" discusses the advantages and disadvantages of multi-sig wallets in the context of cryptocurrency security. It highlights that while multi-sig wallets enhance security by requiring multiple private keys for transaction authorization, they can also be vulnerable to coordinated attacks. Additionally, the post emphasizes TRIO's unique approach, which includes multi-layer security and defense-in-depth.

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