Crypto exchange Bybit hacked for $1.4 billion worth of ETH

• Crypto exchange Bybit announced it suffered a security breach in one of its ETH cold wallets
• The hack saw the attacker stealing 1.4 billion worth of ETH.

Following a security breach first spotted by crypto investigator ZachXBT, crypto exchange Bybit announced that it suffered a hack where an attacker compromised one of its ETH wallets. The unidentified attacker has stolen $1.4 billion worth of ETH so far, splitting it across several wallets.

“The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic. As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address,” Bybit explained in Friday’s X post.

The hack was first noticed by crypto investigator ZachXBT who noted that the attacker exchanged mETH and stETH for ETH and split them across several wallets.

(This is a breaking news and will be updated as the story unfolds.)