#BybitSecurityBreach Bybit, a cryptocurrency exchange, recently suffered a significant security breach, resulting in the theft of approximately $1.4 billion worth of Ethereum-based tokens, including liquid-staked Ether (stETH), Mantle Staked ETH (cmETH), and MegaETH (mETH) ¹ ².
The breach occurred when an attacker manipulated a transaction, masking the signing interface and altering the underlying smart contract logic. This allowed the attacker to gain control of Bybit's ETH multisig cold wallet and transfer its holdings to an unidentified address ¹ ².
Bybit's CEO, Ben Zhou, confirmed the hack and assured users that the exchange remains solvent, with all client assets 1:1 backed. The exchange is working with partners to secure bridge loans to cover the losses ¹ ².
The stolen funds were distributed across over 40 wallets, with the attacker already selling around $200 million worth of stETH ². Crypto experts have advised exchanges and service providers to blacklist the addresses linked to the stolen funds to prevent further transactions.
Bybit has emphasized its commitment to security, utilizing advanced security technologies and protocols to protect user assets ³. The exchange is investigating the incident and working to prevent similar breaches in the future.