A summary of the Byfit hack
The cryptocurrency exchange Bybit suffered a hack in which attackers stole around 1.5 billion dollars in digital assets. The attack mainly affected its hot wallet, which is used for daily transactions.
Bybit confirmed the incident and assured that it is investigating what happened, but guaranteed that users' funds are safe and that they will cover any losses. They have not yet revealed how the attack occurred or who might be behind it, but these types of hacks usually happen due to security vulnerabilities or unauthorized access.
This event raised concerns in the market, as hacks on exchanges can affect investor confidence and trigger massive sell-offs of cryptocurrencies.
