Bybit, a prominent cryptocurrency exchange, has suffered one of the biggest hacks in history, with hackers draining over $1.46 billion worth of Ethereum and staked assets from its cold wallet. According to blockchain analyst ZachXBT, the hacker moved 401,346 ETH, valued at approximately $1.1 billion, along with other digital assets to a new wallet.
The attack was discovered when suspicious outflows were detected. The hacker quickly sold around $200 million worth of stETH on decentralized exchanges, contributing to a 4% drop in Ethereum’s price and a more than 1.5% slide in Bitcoin’s value. Bybit’s CEO Ben Zhou confirmed the breach, stating that all other cold wallets are secure and withdrawals remain unaffected.
If the full amount is confirmed, this hack would surpass previous record-breaking breaches, including Mt. Gox ($470 million), CoinCheck ($530 million), and the Ronin Bridge exploit ($650 million). Bybit has urged blockchain analysts to help track the stolen assets as it works to contain the damage.
Source: https://www.tipranks.com/news/hacker-drains-1-46b-from-bybits-cold-wallet-in-massive-security-breach