Outside Source
A hacker took control of an ETH cold wallet on the Bybit exchange on Feb. 21, stealing over $1.4 billion in funds.
Breaking news
Cryptocurrency exchange Bybit has reportedly been hacked for over $1.4 billion in liquid-staked Ether (stETH) and MegaETH (mETH), according to onchain security analyst ZackXBT.
Following the incident, the onchain sleuth warned users to blacklist addresses associated with the hack. Bybit co-founder and CEO Ben Zhou also provided an update on the security breach.
Zhou confirmed that a transfer was made from the exchange’s multisignature wallet to a warm wallet approximately one hour prior.
The CEO said the specific transaction was masked to appear legitimate but contained malicious source code designed to alter the smart contract logic of the wallet and siphon funds. Zhou reassured customers:
“Please rest assured that all other cold wallets are secure. All withdrawals are NORMAL. I will keep you guys posted as more develops. If any team can help us to track the stolen fund will be appreciated.”
The incident follows an uptick in hacks and security incidents throughout 2024 and early 2025.
Source: Ben Zhou
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
