#BybitSecurityBreach Bybit, a cryptocurrency exchange, has suffered a significant security breach, resulting in the theft of approximately $1.4 billion worth of Ether (ETH) ¹. The breach occurred when an attacker compromised one of Bybit's ETH cold wallets, manipulating a transaction to drain funds.

According to Bybit's CEO, Ben Zhou, the attacker altered the smart contract logic, allowing them to steal the funds ². Zhou assured users that the exchange is investigating the breach and that all other cold wallets are secure.

The stolen funds were transferred to multiple wallets, with some already being sold on the market. Crypto analytics platform Arkham reported that the attacker has already sold $200 million worth of stETH ¹.

Bybit has emphasized that the exchange is solvent, even if the stolen funds are not recovered. The exchange has also assured users that all withdrawals are normal, and they will keep users updated on any developments ².

This security breach is