Bybit cryptocurrency trading platform has experienced what may be the largest security breach in the history of digital currencies, with $1.46 billion worth of Ethereum (ETH) withdrawn from its hot wallets. Bybit's CEO, Ben Zhou, confirmed the hack via social media, explaining that the hacker managed to take control of a specific cold ETH wallet and transferred all its contents to an unknown address.

Suspicion of the security breach arose when blockchain data revealed a massive transfer of 401,346 ETH, valued at approximately $1.13 billion, from Bybit's hot wallet to an unknown wallet. This transfer not only raised concerns about a potential hack but also impacted the price of Ethereum in the market, as the cryptocurrency dropped over 4% as the stolen funds began to be liquidated.

Zhou reassured users that despite the breach, all other cold wallets remained secure and withdrawals were operating normally. According to the details provided by Zhou, the hack was executed through deceiving the wallet sites with a fake user interface that displayed the correct address, leading them to unknowingly approve a change in the smart contract logic. This gave the attacker full control over the wallet, enabling them to steal all ETH contained within.