#WalletActivityInsights The first to detect suspicious transactions was crypto detective ZachXBT. He said that 401,346 ETH worth $1.46 billion were withdrawn from the Bybit crypto exchange to an unknown wallet. The hackers then distributed the stolen assets across several addresses to avoid tracking. ZachXBT published a list of these addresses on its official Telegram channel, calling on exchanges to blacklist them.

The exchange's co-founder and CEO Ben Zhou later confirmed the hack, but specified that the hacker took control of a specific ETH cold wallet.