Hackers drained $1.4 billion of cryptocurrency from Bybit exchange, CEO confirms

Summary: Bybit, a cryptocurrency exchange, experienced a major hack resulting in the theft of over .4 billion worth of Ethereum, marking it as one of the largest thefts in cryptocurrency history. The incident occurred while transferring funds from a cold wallet to a warm wallet, during which a sophisticated attack compromised the transaction process. While Bybit assured its customers of sufficient liquidity to cover withdrawals, the hack raises concerns about the security of cryptocurrency platforms.

Affected: Bybit cryptocurrency exchange

Keypoints :

• Bybit was hacked for over .4 billion worth of Ethereum.
• The attack involved manipulating the transaction process during a fund transfer.
• Bybit’s CEO assured that other wallets were not affected and the company has enough liquidity to honor all withdrawals.
• Speculation arose regarding a possible compromise of the wallet provider Safe.
• Prior to the hack, Bybit held over billion in reserve assets.