@krauzze77
Bybit Suffers $1.5 Billion Crypto Heist
Dubai-based crypto exchange Bybit has fallen victim to a massive $1.5 billion hack, marking one of the largest breaches in crypto history.
What Happened?
• 401,000 ETH stolen during a routine transfer from Bybit’s cold wallet to a warm wallet.
• Attackers exploited a vulnerability in the transaction process, redirecting funds to an unknown address.
Bybit’s Response
• CEO Ben Zhou reassured users that all client funds are safe, as Bybit remains fully solvent.
• Over 580,000 withdrawals processed since the incident, though some delays persist.
• Investigation ongoing, with blockchain analysts tracking stolen funds.
• A bounty program offers up to 10% of recovered assets for assistance.
Impact on Crypto Security
This hack highlights persistent security risks in the crypto space. With over $2.2 billion stolen in 2024, exchanges must strengthen protections to prevent further attacks.
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