In the early morning, BTC surged to the $100,000 mark, and Bybit reported that ETH was stolen from the platform, causing a widespread correction in the market. It is worth noting that due to the stolen funds reaching an unprecedented $1.5 billion in crypto history, Bybit is also facing a massive withdrawal of funds, with all its ETH holdings even exceeding those of Vitalik Buterin.
Some people always say cold wallets are safe, hardware wallets are safer, multi-signature wallets are safe, and on-chain is safer, but the reality is that even the top security protections on platforms still struggle to prevent hackers from stealing coins. Therefore, if you are a newcomer, it is best to keep your coins on top platforms like Binance or Coinbase. Even if the platform is hacked or goes bankrupt, they will still have the funds to reimburse you. Otherwise, a phishing link could lead to losing all your money.
This Bybit hack makes me suspicious. According to Bybit, it was a multi-signature hack, which those familiar with wallets know is quite ridiculous; the probability is very low unless there was a complete leak of privacy. Otherwise, how could a multi-signature be hacked? Some friends suggested it was insider theft. In fact, many project teams often experience hacks, and investigations usually reveal that it was an inside job—employees masquerading as hackers to empty the founders' accounts, or even employees directly taking photos of private keys. This reminds me of rumors that in the early years, OKEx frequently manipulated the market and cut network cables; no matter how they upgraded security services, it didn’t work. The investigation found that it was the maintenance technician who periodically unplugged the wires.
False commercial competition is like hackers invading back and forth; in real life, it might mean secretly filming and pulling network cables.
This time Bybit was hacked, and the community has united like never before. Binance and Bitget lent Bybit a large sum of money in hopes that they can get through this crisis. This has allowed everyone to see just how much Bybit actually earns—1.5 billion dollars annually; the platform is genuinely profitable. No wonder the Americans always want to take Binance away; it is a money-making machine.
Today, the stolen ETH was traced on-chain and started mixing coins, which means the hackers have begun selling coins. Referring to the market trends during the FTX and Binance hacks, initially, the market does not directly plummet; it may even rebound sharply. It is only after one or two weeks when the platform makes an announcement and the market information stabilizes that the price will react. Before that, altcoins will first dip, so it is crucial to pay attention to altcoin bottoms to avoid chasing highs. Wang noticed that during the recent BTC rebound, the mainstream was selling, which is not a good signal. It’s safer to patiently wait for the mainstream to confirm a bottom before considering entry.#bybit被盗
