Bybit, one of the largest cryptocurrency exchanges in the world, has been rocked by a major security breach. Investigations revealed that a total of $1.4 billion worth of digital assets were withdrawn from the platform. The incident was uncovered by blockchain researcher ZachXBT. It was determined that the attackers transferred large amounts of assets, such as ETH, stETH, cmETH, and mETH, out of the exchange. So, what will happen to investors? The details are in our report…
Bybit Hacked: $1.4 Billion in Cryptocurrency Stolen
According to the information we received, the attackers modified the smart contract logic and gained unauthorized access to seize the funds. The stolen assets are reportedly being converted into ETH in an attempt to launder them. Bybit has yet to make an official statement, but the scale of the event has caused serious concerns within the crypto community.
Bybit CEO Ben Zhou confirmed the attack through a live broadcast on X (formerly Twitter). Security experts are tracking the hacker’s transactions and working to recover the stolen funds. Meanwhile, the attack has once again brought the security risks of centralized exchanges to the forefront.
Users are advised to review their security measures while keeping assets on exchanges and consider using cold wallets. Do you think centralized exchanges are a secure storage option for cryptocurrencies? Are your crypto investments safe? Share your thoughts in the comments below…
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