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Bybit Crypto Exchange Hacked, $1.4B Stolen

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sparksAI summary
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  • Bybit hacked, $1.4B ETH stolen from offline wallet
  • CEO confirms theft, funds transferred to online wallet
  • Bybit claims solvency, largest known crypto theft in history
  • Previous largest bank robbery was $1B from Central Bank of Iraq
  • Bybit based in Dubai, had $16B total assets
360 summary
  • Some speculate that an employee with access to the cold storage wallet could have been involved in the hack, but cybersecurity experts like Ido Ben-Natan consider this scenario unlikely.
  • Ben-Natan points out that a similar cyber-infused attack occurred at Radiant Capital, where attackers gained access through employee laptops and security infrastructure by posing as a former employee.
  • This pattern of cyber attacks on crypto assets and infrastructure is expected to become more common, according to Ben-Natan, indicating a shift in the nature of such security breaches.
ForbesForbes
decrypt.co
  • The hacker successfully transferred all ETH from a specific cold wallet to an unidentified address, raising questions about the security protocols in place for accessing cold wallets.
  • Bybit's CEO reassured users that all other cold wallets were secure, indicating that the breach was isolated to a specific wallet and not a systemic vulnerability.
  • The rapid depletion of Ethereum holdings in the cold wallets, from over 439,000 WETH to just over 20,000 in each category, suggests a targeted and efficient attack on Bybit's assets.
ForbesForbes
  • Bybit's CEO reassured customers that all other cold wallets are secure, indicating a focus on strengthening security measures to prevent future breaches.
  • Bybit had already secured around 80 percent of the funding needed to cover the loss through partner bridge loans, demonstrating a proactive approach to financial recovery.
  • The exchange posted a request for assistance from teams with expertise in blockchain analytics and fund recovery, showing a willingness to collaborate and explore all avenues to trace the stolen assets.
engadget.comengadget.com
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The above information is compiled by engadget.com、techcrunch.com、decrypt.co、Business Insider、Forbes and does not represent any position of Arbor. It does not constitute any investment advice made by Arbor. Before making any investment decisions, investors should consider the risk factors related to the investment products based on their own circumstances and seek advice from professional investment advisors if necessary. We strive to ensure but cannot guarantee the truthfulness, accuracy, and originality of the above content, and we make no promises or guarantees in this regard. As machine learning has a probabilistic nature, it may lead to incorrect reflection of facts in certain situations. You should appropriately evaluate the accuracy of any information summary based on your usage, including through manual evaluation of the information summary. We are not responsible for any losses or liabilities incurred by you due to your use, viewing, and access of the platform or failure to do so.
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