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Bybit

Ethereum Price Dips After Bybit Reports Massive $1.4 Billion Hack

Ronaldo Marquez
by Ronaldo Marquez
7 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a development that could have a significant impact on the Ethereum price, cryptocurrency exchange Bybit has confirmed a major security breach involving its ETH cold wallet. 

In a recent post on social media platform X (formerly Twitter), the exchange revealed that the incident reportedly occurred during a transfer from the ETH multisig cold wallet to a warm wallet, where a “sophisticated attack” manipulated the transaction process.

Bybit Confirms Unauthorized Transfer Of 400,000 Ethereum

According to Bybit, the attacker was able to mask the signing interface, which displayed the correct address while altering the underlying smart contract logic. 

This deception allowed the hacker to gain control of the affected cold wallet, leading to the unauthorized transfer of significant ETH holdings to an unidentified address. 

Related Reading: Bitcoin Faces Risk Of Further Decline If It Drops Below Short-Term Holder Cost Basis: Report

The magnitude of the breach is substantial, with estimates suggesting that approximately $1.44 billion worth of assets, including 401,347 ETH valued at around $1.12 billion, were withdrawn. 

Additional assets included 90,376 stETH, worth $253.16 million; 15,000 cmETH, valued at $44.13 million; and 8,000 mETH, totaling $23 million.

CEO Ben Zhou Confirms Client Funds Are Safe

In response to the breach, Bybit has mobilized its security team in collaboration with leading blockchain forensic experts to investigate the incident thoroughly. 

The exchange has also extended an invitation to other teams with expertise in blockchain analytics and fund recovery to assist in tracing the misappropriated assets. 

Related Reading: Coinbase Urges US Congress To Act On Crypto Regulations, Outlines 6 Key Priorities

Ben Zhou, Bybit’s co-founder and CEO of the exchange, addressed the situation, emphasizing that all other cold wallets remain secure and that client funds are safe. Zhou reassured users that operations continue as normal, with withdrawal processes unaffected by the incident. 

“The only cold wallet that was hacked was the ETH cold wallet,” Zhou stated, reinforcing the message that Bybit remains solvent and capable of covering losses, as all client assets are “backed on a one-to-one basis.”

Bybit
The daily chart shows ETH’s price volatility following Bybit’s security breach. Source: ETHUSDT on TradingView.com

Following the security breach, ETH experienced a 5% drop to $2,675, but has returned to the $2,766 level. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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