The cryptocurrency exchange Bybit stated that one of its cold wallets for Ethereum had been compromised. The crypto world was deeply alarmed when an attacker was able to move funds valued at about $1.5 billion to an unnamed location.
Bybit CEO Ben Zhou demonstrated the security breach on Friday. He also confirming only one ether wallet was affected. All other wallets remain secure, and withdrawals continue to function normally. “All client funds are safe, and our operations continue as usual without any disruption,”. This is a great assurance for the users. Bybit, at present, serves over 60 million users globally.
Security specialists and blockchain researchers believe the attack may have been carried out by North Korean hackers. According to research firm Arkham Intelligence and on-chain researcher ZachXBT, the pilfered money has begun to flow to new addresses and is currently being liquidated.
This theft beats the previous high of $611 million taken from Poly Network in 2021, according to blockchain security company Elliptic. Security expert Rob Behnke tells “largest financial cyberattack ever.”
During a livestream, Zhou confirmed to viewers that the exchange had obtained 80% of the money. This money is required to compensate for losses through bridge loans. To reclaim the stolen riches, legal action is also being taken against the hackers.
The company maintains that it will fully recover from the disaster, and Bybit users are still able to withdraw money.
