- Bybit was exploited for 1.4 billion dollars in ETH, confirms its CEO.
- Despite the mass loss, Bybit is still solvent and can cover the losses, said Ben Zhou in an X publication.
Bybit has suffered an important attack, since a hacker stole more than 1.4 billion dollars in ETH and put ETH in Stake.
The CEO of the cryptocurrency exchange platform, Ben Zhou, confirmed The attack through X on Friday, noting that the attacker exploded a vulnerability that allowed them to empty their cold ETH wallet.
The news of the attack, one of the largest in market history, made several cryptocurrencies prices react down.
The price of Ethereum lost part of his intradic earnings, although the reaction remained largely moderate at the time of writing this article.
Bybit’s CEO states that the exchange is solvent
Bybit also published an update that details The incident:
“Bybit detected an unauthorized activity that involved one of our cold ETH wallets. The incident occurred when our cold multifirma wallet of ETH executed a transfer to our hot wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signature interface, showing the right direction while altering the underlying logic of the intelligent contract. As a result, the attacker was able to obtain control of the cold ETH wallet of affected and transfer their holdings to an unidentified address. ”
While the exchange was affected by the attack, Zhou said that Bybit “was solvent” and that the exchange can cover these losses. The withdrawals from the exchange were not affected either, he said.
“Bybit is solvent even if this loss is not recovered by hacking,” published in X. “All customer assets are backed 1 to 1, we can cover the loss.”
Several blockchain security platforms and researchers, including Zachxbt, noticed that the hacker had already begun to transfer the funds to new addresses.
Meanwhile, Blockchain Arkham’s intelligence firm advertisement A reward while ecosystem actors try to unmask the identity of the hacker.