🚨Will this hack affect the platform’s credibility?🚨

Bybit, one of the largest cryptocurrency exchanges, has suffered a major security breach that resulted in the theft of over $1.4 billion in cryptocurrencies, including 401,347 ether (ETH). The attack targeted the platform’s cold wallet, with attackers successfully transferring assets to unknown addresses and then distributing them across 40 different wallets. Despite the scale of the loss, Bybit CEO Ben Zhou confirmed that customer withdrawals were not affected, and that customer assets were covered 1:1, ensuring the safety of users’ funds. This hack is one of the largest incidents in the history of cryptocurrencies, as 2024 saw $2.2 billion worth of theft from similar platforms. These incidents highlight the ongoing security challenges in this space, which hinder the widespread adoption of digital currencies. In the wake of the hack, Bitcoin and Ether prices fell by 1.4% and 1.9%, respectively, reflecting the impact of these events on the cryptocurrency market. #BybitSecurityBreach #bybit #HackerAlert