bybithack

Blockstream CEO claims Ethereum Virtual Machine’s complexity enabled hackers to drain funds
Prominent crypto figure Adam Back, known as a cypherpunk and CEO of Blockstream, took to X to share his thoughts on the recent Bybit hack, where the exchange lost $1.4 billion in ETH.
Back pointed to Ethereum Virtual Machine (EVM) as the key factor that allowed hackers to successfully exploit the system and drain Bybit’s funds.
❌ Back Criticizes EVM Complexity as Ethereum’s Weakness
According to Adam Back, the primary issue lies in the complexity of Ethereum transactions, making the network vulnerable to attacks.
📌 How did hackers exploit this weakness?
🔹 EVM is overly complex, making it difficult for hardware wallets to interpret transactions.
🔹 Blind signing of Ethereum transactions introduces security risks.
🔹 Bybit attempted to transfer $100 million in ETH from its cold wallet to a hot wallet, but hackers manipulated the process, ultimately draining $1.4 billion in total.
Back described EVM as fragile, unsecure, and overly complicated, claiming that these weaknesses increase the risk of exploits.

🔍 How Did the Bybit Hack Happen?
Bybit suffered one of the largest crypto exploits in history.
🔸 The hack was likely carried out by North Korea’s Lazarus Group, a state-backed hacking organization.
🔸 Hackers exploited vulnerabilities in Ethereum smart contracts while Bybit was transferring funds internally.
🔸 Bybit claims that the liquidity gap in ETH has now been fully closed.
🤔 Could Ethereum Perform a Rollback? A Throwback to the DAO Hack in 2016
After the attack, several Bitcoin maximalists, including Samson Mow (CEO of JAN3), sarcastically asked Vitalik Buterin if Ethereum would roll back the blockchain to recover the lost funds.
This references the infamous 2016 DAO hack, where after a $60 million ETH exploit, the Ethereum community decided to hard fork, leading to the creation of Ethereum Classic (ETC).
🚨 However, Ethereum has no plans for a rollback this time – the Ethereum team stated that the hacker’s transactions were as valid as any other transaction on the network.
📢 What’s Next? Is Bitcoin’s Dominance Rising?
Back emphasized that Bitcoin is growing in dominance, while Ethereum faces criticism over its EVM security flaws.
⚠️ Could this hack be a wake-up call for the development of safer blockchain technologies?
⚠️ Will Bitcoin and simpler blockchain structures become the future?

#BybitHack , #CryptoNewss , #AdamBack , #CryptoSecurity , #blockchain

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

🩸 RED ALERT:
Bybit, one of crypto’s top trading giants, has been hit by a MASSIVE SECURITY BREACH, with hackers draining a staggering $1.4 BILLION in crypto assets! The exploit, detected late Tuesday, marks one of the largest crypto thefts in history—and the drama is just unfolding.
💡 WHY THIS MATTERS:
This isn’t just a hack—it’s a seismic shock to trust in centralized exchanges. With user funds at risk and markets trembling, the breach raises urgent questions: How did attackers slip through Bybit’s defenses? And where’s the stolen crypto headed?
📉 MARKET PULSE:
▫️Bybit Token (BYB): Plummeted 23% overnight to $12.45 (down from $16.20).
▫️Total Crypto Market Cap: Shed $50B in hours amid fears of mass sell-offs.
🔎 ANATOMY OF THE ATTACK:
The hackers exploited a CRITICAL FLAW in Bybit’s multi-sig wallet system, bypassing internal safeguards through a sophisticated social engineering campaign targeting senior execs. Once inside, they drained hot wallets across $ETH , $SOL , and $BTC TC chains in minutes.
🕵️ KEY DETAIL:
The breach coincided with a scheduled system update, masking malicious transactions as routine activity. Bybit’s security team spotted irregularities too late—funds were already en route to anonymized wallets.
🌐 BEHIND THE DIGITAL CURTAIN:
The hacker is RACING TO LAUNDER THE LOOT, deploying a chillingly methodical strategy:
▫️Tornado Cash Onslaught: 40% of stolen ETH ($560M) funneled into the privacy mixer.
▫️Stablecoin Swaps: $300M converted to USDT/USDC via decentralized platforms.
▫️Cross-Chain Obfuscation: Funds splintered across Bitcoin’s Lightning Network, Monero, and even lesser-known L2s.
Bybit has frozen linked accounts and partnered with Chainalysis to track flows, but recovery odds are slim. The hacker’s endgame? Likely a slow bleed via OTC markets or ransomware-style negotiations.
🌎 THE BIGGER PICTURE:
This heist is a wake-up call for the industry. Centralized exchanges face mounting pressure to adopt DECENTRALIZED CUSTODY SOLUTIONS and real-time threat detection. Meanwhile, regulators are seizing the moment to push for stricter KYC/AML mandates—sparking debates over crypto’s core ethos of anonymity vs. security.
📻 STAY TUNED:
Bybit’s CEO vows “every resource” will chase the stolen funds, but the clock is ticking. Will white-hat hackers or blockchain sleuths crack the case? Follow us for live updates as this digital thriller unfolds!
👥 JOIN THE CONVERSATION:
Can crypto ever be truly safe? Should exchanges mandate cold storage for 99% of assets? Drop your thoughts below 👇
(Prices and data as of 12:00 UTC. Trade cautiously!)
YOUR MOVE, CRYPTO COMMUNITY.
#BybitSecurityBreach
#BybitHack

The cryptocurrency exchange Bybit has suffered a major security breach, losing approximately $1.4 billion worth of digital assets, primarily Ethereum. The attack, which occurred during a transfer from a cold wallet to a hot wallet, exploited vulnerabilities in the platform’s smart contract logic.
According to Bybit CEO Ben Zhou, the breach affected 75% of Ethereum deposits, raising concerns among investors. Despite this, Bybit assured users that their funds remain safe and that the platform continues to operate normally. However, many users have rushed to withdraw funds, fearing further security risks.
Investigators are actively tracking the stolen assets as they move across the blockchain. This incident underscores the growing security threats to centralized exchanges, as crypto-related hacks surged 21% in 2025, according to Chainalysis.
🔍 Stay informed, stay secure!$ETH
#BybitHack #CryptoSecurity ity #BinanceAirdropAlert #blockchain hain #CryptoNews #DeFi #Hacked #CryptoScam #Web3 #Bitcoin

Bybit Hack: EU Probes OKX for Laundering $100 Million in Stolen Crypto
European regulators have launched an investigation into OKX after hackers used its Web3 platform to launder approximately $100 million in stolen cryptocurrency from the Bybit attack.
📌 Authorities are now assessing whether OKX falls under MiCA (Markets in Crypto-Assets Regulation) and whether sanctions should be imposed.

📌 There is growing debate over whether the exchange could lose its license within the EU.
The investigation comes as European regulators tighten their oversight of crypto exchanges and explore ways to better regulate decentralized finance (DeFi) platforms.
How Did Hackers Use OKX to Launder Money?
According to a Bloomberg report, hackers used OKX Web3 services to move stolen assets—mainly Ethereum (ETH)—through decentralized platforms and cross-chain bridges.
🔹 The attack is considered one of the most sophisticated cyberattacks in the crypto industry.

🔹 The EU is now debating whether OKX’s Web3 platform should be regulated like its main exchange.

🔹 Some regulators argue that OKX is responsible, while others claim fully decentralized platforms are exempt from MiCA regulations.
Did OKX Violate MiCA Rules? Regulators Consider Sanctions
📆 On March 6, regulators from all 27 EU member states met to discuss whether OKX violated MiCA regulations and whether stricter measures should be imposed.
🔹 Austria and Croatia argue that the Web3 platform is linked to OKX’s main exchange and should be regulated.

🔹 Under Article 64 of MiCA, a license can be revoked if an exchange fails to prevent money laundering or violates financial regulations.

🔹 ESMA (European Securities and Markets Authority) and EBA (European Banking Authority) are pushing for further investigations into OKX.
Malta Reconsiders OKX’s MiCA License
Malta, which granted OKX preliminary MiCA authorization, is now reviewing its validity.
📌 OKX secured approval in January to operate within the European Economic Area (EEA).

📌 Following the Bybit hack, Malta’s financial regulator is reconsidering whether to revoke the license.

📌 EU officials will meet with OKX executives to address the situation.
If regulators find MiCA violations, OKX could face sanctions or even be banned from operating in the EU.
📢 What are your thoughts on increasing crypto exchange regulations? Should OKX be held accountable for laundering stolen funds?

#BybitHack , #CryptoSecurity , #blockchain , #CyberSecurity , #ETH

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“