Bybit Hack Live Update : Biggest Crypto Hack, $1.4B ETH Hack, Proof of Reserves and more
The post Bybit Hack Live Update : Biggest Crypto Hack, $1.4B ETH Hack, Proof of Reserves and more appeared first on Coinpedia Fintech News
February 21, 2025 19:04:58 UTC
The Dilation Effect: Concealing Contract Modifications in the Bybit Attack
The Dilation Effect reveals that the Bybit attacker exploited delegatecall to run a malicious transfer function. This function uses SSTORE to alter slot 0, changing the multi-signature contracts implementation address on the cold wallet to the attackers. By disguising this as a simple fund transfer, reviewers are misled, unaware that a critical contract modification is underway.
February 21, 2025 18:18:04 UTC
Bybit Hacker Received ETH Gas Fees from Binance
Blockchain analysis indicates that the hacker behind Bybits $1.4B heist appears to have received ETH from Binance to cover gas fees. This transaction helped facilitate the necessary operations, adding a new twist to the unfolding investigation.
February 21, 2025 17:59:42 UTC
OKX Supports Bybit, Vows Vigilance on Blacklisted Wallets
OKX expressed support for Bybit amid the recent hack. In a tweet, the exchange confirmed that its wallet infrastructure is different, preventing similar issues, and stated that its security teams are engaged and ready to assist. OKX will continue monitoring blacklisted wallet addresses to ensure user safety.
February 21, 2025 17:54:30 UTC
Zhou: Your Money Is Safe Amid 400K ETH Hack
Bybit CEO Ben Zhou assured customers that client funds remain safe, stating, no matter what, your money is safe. He also confirmed that the Bybit treasury is fully capable of covering the 400,000 ETH hacked, reinforcing confidence in the platforms ability to safeguard user assets.
February 21, 2025 17:44:48 UTC
Bybits Mantle Exposed to Multi-Sig Draining Risk
According to Truth Labs, a serious vulnerability exists on Bybits Layer 2, Mantle. Their analysis shows one person controls enough multi-sig wallets6 of the 13 required signatures, with 4 inactive wallets potentially under the same controlto drain or manipulate the entire network. Users are urged to withdraw funds immediately.
February 21, 2025 17:44:48 UTC
Bybit CEO: No ETH Buy-Back, 80% Secured via Bridge Loan
Bybit CEO Ben Zhou stated that the exchange wont buy ETH immediately to cover hack losses due to the massive volume involved. However, he confirmed that 80% of the required ETH has already been secured through a bridge loan.
February 21, 2025 17:21:15 UTC
Bybit Live: CEO Hosts Livestream Addressing $1.4B $ETH Hack
ByBit CEO Confirms all-hands-on deck and all employees available for maximum levels of customer service. Gaurantees all customer funds will be covered and safe despite hack. He claims there could be multiple reasons how this happened.
February 21, 2025 17:21:15 UTC
Where Did the Stolen ETH Go?
Following the withdrawal of 401,346 ETH, the hacker began dispersing funds across multiple wallets. Specifically, 39 addresses received 10,000 ETH each, with an additional 9 addresses also receiving 10,000 ETH apiece. This classic laundering tactic spreads out funds to complicate tracing efforts. Below is the complete list of hacker wallets.
February 21, 2025 17:21:15 UTC
Bybit Hacker Wallets : ETH Held Across 53 Wallets
Arkham released a list of Bybit hacker wallets, revealing the attacker controls $1.37B in ETH across 53 wallets. This exploit is the largest ever, representing 16% of all crypto hacks.
February 21, 2025 17:01:16 UTC
Safe Wallet Pauses Features Amid Bybit Investigation
Safes security team is collaborating with Bybit on an ongoing investigation. Although there is no evidence that the official Safe frontend was compromised, the Safe Wallet is temporarily pausing certain functions as a precaution. SlowMist noted that the situation bears similarities to the previous Radiant Capital incident linked to North Korean hackers.
February 21, 2025 17:01:16 UTC
Bybit Hacker Drains $1.4B Amid Massive ETH Transfers
A hacker has compromised $1.4B from Bybit, initiating large transfers of roughly 10K ETH per address. In the past 30 minutes, at least $200M USDT moved from Bybits cold wallet to its hot wallet, though its unclear whether this was for user withdrawals or an ETH buyback. While most of the stolen funds are in ETHand its price briefly dropped 3% before recoveringon-chain data confirms the loss represents only 8.64% of Bybits $16.2B reserves, ensuring the exchange can cover the shortfall. Despite the surge in activity, withdrawals remain fully functional.
February 21, 2025 17:01:16 UTC
Crypto Market Crash Bybit Outflows Spark $1.5B Sell-Off and $100M Liquidations
Cryptocurrency prices reversed early gains after reports surfaced that Bybit experienced $1.5 billion in outflows amid a potential security incident. Bitcoin slid from near $100,000 to about $97,000, while ether dropped nearly 4%, falling below $2,700. This downturn also triggered liquidations of roughly $100 million in leveraged long positions, according to CoinGlass data.
February 21, 2025 16:47:26 UTC
Ethena Labs Reaffirms USDe Collateral Security
Ethena Labs confirms that all spot assets backing USDe are held off-exchange, including Bybit via Copper Clearloop, ensuring no spot backing value is directly on any exchange. The companys Bybit hedge positions remain below $30 million in unrealized PNL, which is less than half of the reserve fund. Consequently, USDe remains fully collateralized, preserving its stability despite recent market developments.
February 21, 2025 16:47:26 UTC
Bybits Proof of Reserves
Bybits proof of reserves indicated the exchange held $16.2 billion in assets before the recent hack. The stolen $1.4 billion accounted for 8.64% of Bybits total holdings. Despite this breach, the exchange maintains that it remains solvent and that all other cold wallets and operations are unaffected.
February 21, 2025 16:47:26 UTC
Justin Sun Vows Support Amid Bybit Hack
Tron founder Justin Sun stated that he and his team are closely monitoring the Bybit incident following the hack. He assured that Tron will offer full support to its partners in tracking the misappropriated funds, pledging to leverage all available resources to assist in the investigation and fund recovery efforts.
February 21, 2025 16:47:26 UTC
ETH Hack : $1B Outflows, $1.4B in ETH/stETH Moved
Bybit is experiencing significant outflows, with over $1.4B in ETH and stETH leaving the platform. The funds are rapidly being transferred to new addresses where they are actively being sold, including $200M in stETH already offloaded. Notably, activity has been detected from address 0x47666Fab8bd0Ac7003bce3f5C3585383F09486E2.
February 21, 2025 16:42:02 UTC
Bybit Exposes ETH Cold Wallet Hack
Bybit detected unauthorized activity in an ETH multisig cold wallet transferring funds to a warm wallet after hackers manipulated the signing interface and altered smart contract logic. The security team and blockchain forensic experts are investigating. All other cold wallets remain secure, ensuring client funds and overall operations are unaffected.
February 21, 2025 16:39:54 UTC
Bybit Outflow Raises $1.46B Security Concerns
According to Crypto Rover, a rapid outflow exceeding $1.46 billion from Bybit has raised alarms over a potential security breach. The incident could disrupt trading and shake investor confidence. Traders are advised to closely monitor emerging developments for further impact.
February 21, 2025 16:25:33 UTC
Bybit Remains Secure Amid Hack, Withdrawals Unaffected
Bybit continues processing withdrawals seamlessly after a recent signing hack. With over $20 billion in assets on the platform and cold wallets remaining untouched, the incident appears isolated. Investors remain reassured that contagion is highly unlikely; market confidence holds strong.
February 21, 2025 16:25:33 UTC
Bybit Suffers $1.4B ETH Hack
Bybit was hacked for over $1.4 billion following suspicious ETH outflows reported by on-chain sleuth ZachXBT. CEO Ben Zhou confirmed hackers exploited a spoofed UI to alter a cold wallets smart contract logic, transferring all ETH to an unknown address. The exchange remains solvent and seeks help tracking the funds.
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