Bybit, a leading cryptocurrency exchange, recently suffered a major security breach, resulting in the theft of approximately 514,000 ETH—valued at around $1.4 billion. This attack is one of the largest crypto exchange hacks in recent history.
Hacker’s Movement of Funds
The stolen ETH was initially traced to a single wallet but has since been moved to multiple new addresses. Reports indicate that over 400,000 ETH have been distributed across 49 different wallets, with each receiving 10,000 ETH.
Blockchain security firm EmberCN also reported that the hacker is attempting to unstake 15,000 cmETH, a process requiring around 8 hours before the funds can be fully withdrawn.
Bybit’s Response
Despite the breach, Bybit’s CEO, Ben Zhou, reassured users that all client assets remain safe, backed on a 1:1 ratio. The exchange is actively investigating the hack and working with security experts to track the stolen funds.
Ongoing Developments
The hacker’s next moves remain uncertain, but blockchain analysts are closely monitoring the situation. Authorities and security firms are collaborating to mitigate further damage and prevent illicit transactions.
This incident highlights the ongoing challenges in crypto security and the need for exchanges to strengthen their defenses against cyber threats.
