{"id":47901,"date":"2025-02-21T17:19:52","date_gmt":"2025-02-21T17:19:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bybit-suffers-1-4-billion-hack-eth-drained-from-exchange-wallet\/"},"modified":"2025-02-21T17:19:52","modified_gmt":"2025-02-21T17:19:52","slug":"bybit-suffers-1-4-billion-hack-eth-drained-from-exchange-wallet","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bybit-suffers-1-4-billion-hack-eth-drained-from-exchange-wallet\/","title":{"rendered":"Bybit suffers $1.4 billion hack, ETH drained from exchange wallet"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1665559135551-2e4a9ecc-0a5c-474d-9512-bf2449a72a65-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1665559135551-2e4a9ecc-0a5c-474d-9512-bf2449a72a65-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1665559135551-2e4a9ecc-0a5c-474d-9512-bf2449a72a65-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1665559135551-2e4a9ecc-0a5c-474d-9512-bf2449a72a65-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Bybit exploited for $1.4 billion worth of ETH, CEO confirms.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Despite the massive loss, Bybit remains solvent and can cover the losses, Ben Zhou said in a post on X.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/news\/tag\/bybit\/\">Bybit<\/a> has suffered a major exploit, with a hacker stealing more than $1.4 billion worth of ETH and staked ETH.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto exchange\u2019s CEO Ben Zhou <\/span><a href=\"https:\/\/x.com\/benbybit\/status\/1892963530422505586\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">confirmed<\/span><\/a><span style=\"font-weight: 400\"> the hack via X on Friday, noting the attacker exploited a vulnerability that allowed them to drain its ETH cold wallet. <\/span><\/p>\n<p><span style=\"font-weight: 400\">News of the hack, one of the largest ever in the market, saw several crypto prices react lower. Ethereum price shed some of its intraday gains, although the reaction remained largely muted as at the time of writing.<\/span><\/p>\n<h2>Exchange is solvent, Bybit CEO says<\/h2>\n<p><span style=\"font-weight: 400\">Bybit also posted an update <\/span><a href=\"https:\/\/x.com\/Bybit_Official\/status\/1892965292931702929\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">detailing<\/span><\/a><span style=\"font-weight: 400\"> the incident:<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic. As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">While the exchange has been hit by the attack, Zhou stated that Bybit \u201cwas solvent\u201d and that the exchange can cover these losses.Exchange\u2019s withdrawals were also unaffected, he noted.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBybit is solvent even if this hack loss is not recovered,\u201d he <\/span><a href=\"https:\/\/x.com\/benbybit\/status\/1892969284587966869\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">posted on X<\/span><\/a><span style=\"font-weight: 400\">. \u201cAll of clients\u2019 assets are 1-to-1 backed, we can cover the loss.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Several blockchain security platforms and investigators, including ZachXBT, noted the hacker had already began to transfer the funds to new addresses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, blockchain intelligence firm Arkham <\/span><a href=\"https:\/\/x.com\/arkham\/status\/1892975780218409203\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">announced<\/span><\/a>\u00a0<span style=\"font-weight: 400\">a bounty as ecosystem players try to unmask the hacker\u2019s identity.\u00a0<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bybit-suffers-1-4-billion-hack-eth-drained-from-exchange-wallet\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bybit exploited for $1.4 billion worth of ETH, CEO confirms. Despite the massive loss, Bybit remains solvent and can cover the losses, Ben Zhou said in a post on X. Bybit has suffered a major exploit, with a hacker stealing more [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":47902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/47901"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=47901"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/47901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/47902"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=47901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=47901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=47901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}