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| System hacked: Crypto exchange Bybit |
The Attack and Its Revelation
The incident was initially discovered by blockchain expert ZachXBT and later confirmed by Bybit CEO Ben Zhou. According to Zhou, the company has enough liquidity to cover the losses and assured that withdrawals are still operating normally.
According to initial analyses, the attack targeted one of Bybit’s cold wallets, an offline Ethereum (ETH) storage, from which approximately 401,346 ETH, along with several units of stETH tokens, were transferred to an unknown address.
This attack highlights the security challenges faced by cryptocurrency exchanges. While cold wallets are considered one of the safest ways to store digital assets, this incident demonstrates that even this type of protection is not foolproof.
Experts suggest that exchanges need to strengthen their security measures with additional protection layers, such as enhanced multi-factor authentication and continuous monitoring of unusual transactions.
Bybit’s Response and the Crypto Community’s Reaction
Bybit has stated that it is working with authorities and cybersecurity experts to track the stolen funds and enhance its security systems. Meanwhile, blockchain analysis companies, such as Arkham Intelligence, are monitoring the addresses linked to the attack and offering rewards for information that could lead to those responsible.
