$ETH

ETH Drops 4% After Bybit’s Hack is Confirmed – Should You Buy the Dip?

Ethereum (ETH) has dropped by 3.6% in the past couple of hours as Bybit, the second-largest exchange in the world by spot trading volume, confirmed that it was hacked

Bybit’s CEO Confirms Hack

The exchange’s co-founder and CEO, Ben Zhou, confirmed just three hours ago that one of their Ethereum cold wallets was compromised. The criminals siphoned 401,346 ETH tokens valued at approximately $1.1 billion at current prices

Zhou assured the exchange’s users that no other wallet was compromised in the process. The hackers reportedly accessed the wallet by tampering with a transaction request sent to the signatory wallets that, once approved, modified the smart contract’s logic so that the digital assets contained in this storage were transferred to the criminal’s address.

Once the amount of the hack is confirmed by official sources from the exchange, the incident would rank as the largest heist involving a centralized exchange. The hacker has been spreading the funds across a significant number of wallets to make it more difficult for investigators to trace them.