Bybit confirmed that a hack of $1.4 billion Ethereum occurred. This is an alarming development in the crypto industry. Both the founder of the cryptocurrency exchange, Ben Zhou and the platform have confirmed this incident. post to X (formerly Twitter).
On-chain Blockchain security analyst: The hacker took more than $1.4 Billion in liquid Ether and MetaETH. ZackXBT. Zhouh revealed to users a Bybit ETH Multisig Cold Wallet that made the money transfer from a cold wallet into a warm one to steal it. But he did assure users. “All other cold wallets are secure.”
Bybit’s founder confirms $1.4 Billion $ETH hack.
— Watcher.Guru (@WatcherGuru) February 21, 2025
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According to the founder, Bybit faces a hack of $1.4 billion Ethereum.
In 2018, the crypto market has made massive progress. The asset class has been embraced by a number of nations in 2025. But, one of the key factors in this growth has been learning to protect them. Since the beginning of cryptocurrency, there has been a growing concern about theft.
On Friday, the crypto market witnessed another major breach. Bybit, an important cryptocurrency exchange, confirmed that $1.4 Billion in Ethereum had been hacked. According to the platform’s founder, it lost funds when they lost control of a wallet that was offline.
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“Unfortunately, this transaction was manipulated through a sophisticated attack that masked the singing interface, displaying the correct address while altering the underlying smart contract logic,” You can also find out more about the following: platform said. It allowed hackers to control the wallets in question, and then transfer money.
“Our security team, alongside leading blockchain forensic experts and partners, is actively investigating the incident,” The platform was also added. Additionally, the platform added. “all client funds are safe, and our operations continue as usual without disruption.”
It is unfortunate that this situation has arisen as a result of the industry’s growth. But it’s not gone unchallenged. US Securities and Exchange Commission has announced an investigation into the alleged ‘negligence of a major US financial institution.w Cyber Unit To combat cryptocurrency fraud The country is pushing to adopt crypto. Further, this should discourage such incidents from happening again.
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Source: watcher.guru
