#BybitSecurityBreach Bybit was hacked for 400,000 ETH
The hacker deceived Bybit signers in the signature interface on Safe. Source: Grok.
The hacker sent the 400,000 ethers to their own unknown address after taking control of the funds.
Safe may have suffered a vulnerability in its request or signature presentation.
Ben Zhou, the co-founder and CEO of the Bybit exchange, announced that platform funds valued at 401,346 ETH were hacked today, February 21. These funds were stored in a cold wallet with Bybit's multi-signature capability.
Currently, the transfer can be identified on the Ethereum block explorer called Etherscan.
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The Bybit multi-signature cold wallet just made a transfer to our hot wallet about 1 hour ago. It seems that this specific transaction was masked, all signers saw the hidden user interface that showed the correct address and the URL was from Safe.
Ben Zhou, the co-founder and CEO of the Bybit exchange.
According to the CEO of the cryptocurrency exchange, "the signature message was to change the logic of the smart contract of our ETH cold wallet." The modification of the smart contract logic allowed the hacker to take control of that Bybit multi-signature address that contained more than 400,000 ethers without the signers being aware of it in the visual interface of the wallet. Subsequently, the attacker sent all the ethers to a different address to prevent the exchange managers from recovering their funds upon regaining control of the address.
With this attack, the hacker managed to manipulate the signature interface of the Safe wallet, formerly known as Gnosis Safe, to deceive Bybit signers into approving a change in the smart contract logic of the wallet, which allowed the company's ethers to be stolen.
Highlights the importance of not assuming that this type of wallets
#BybitSecurityBreach #VIRTUALWhale #HackAlert