Biggest Crypto Hack, $1.4B ETH Hack, Proof of Reserves and more | Airdrop Alert Pro

The expansion effect shows that BYBIT attackers use authorized principals to run malicious transfer functions. This function uses SSTORE to change slot 0, changing the implementation address of the multi-signature contract to the attacker’s implementation address. By forging it as a simple fund transfer, examiners were misled without realizing that critical contract modifications were underway.

Blockchain analysis shows that the hackers behind the 1.4B robbery behind Bybit appear to have obtained ETH from Binance to pay for gas. The deal helped facilitate the necessary operations, adding a new twist to the investigation that was launched.

OKX has shown support for Bybit in a recent hack. exist tweetThe exchange confirmed that its wallet infrastructure was different and could prevent similar issues and said its security team was involved and ready to assist. OKX will continue to monitor the blacklisted wallet address to ensure users are safe.

Bybit CEO Ben Zhou assured the client that the client’s funds remained safe and said, “Your money is safe anyway.” He also confirmed that the BYBIT Treasury is fully capable of covering 400,000 ETHs that were hacked, thus Enhanced confidence in the platform’s ability to protect user assets.

According to Truth Labs, there is serious vulnerability in the mantle of Bybit 2’s layer 2. Their analysis shows that one person controls enough DOW wallets, one of which needs to be 4 inactive wallets under the same control, and four inactive wallets may drain or manipulate the entire network. Urge users to withdraw funds immediately.

Bybit CEO Ben Zhou said that due to the large volumes involved, the exchange will not immediately purchase ETH to compensate for hacker losses. However, he confirmed that 80% of the required ETH has been obtained through a bridge loan.

BYBIT CEO confirms that the full-out deck and all staff can be used for maximum customer service levels. Gaurantees Despite the hack, all customer funds will be covered and secure. He claimed “this can happen for many reasons.”

After withdrawing 401,346 ETH, hackers began to spread funds in multiple wallets. Specifically, 39 addresses receive 10,000 ETH each, and the other 9 addresses also receive 10,000 ETH. This classic money laundering strategy expands funding and complicates tracking efforts. Here is a complete list of hacker wallets.

Arkham released a list Bybit Hacker Walletreveals that the attacker controls $1.37B of ETH in 53 wallets. This vulnerability is the largest ever, accounting for 16% of all crypto hackers.

Safe’s security team is working with Bybit to conduct an ongoing investigation. Although there is no evidence that the official security front end has been compromised, the secure wallet has temporarily suspended certain features as a precaution. Slowmist notes that this situation has similarities to the radiation capital incidents previously associated with North Korean hackers.

A hacker compromised $1.4B from Bybit, about 10k ETH transfer per address. In the past 30 minutes, at least $200 million has been transferred from Bybit’s cold wallet to hot wallets, although it is not yet clear whether this is for user withdrawal or ETH repo. While most of the stolen funds belong to ETH (their price briefly dropped by 3% before recovery), chain data confirmed that losses accounted for only 8.64% of BYBIT $16.2B reserves, ensuring that exchanges could make up for the shortfall. Despite the surge in activity, withdrawal remained well functional.

Cryptocurrency Prices reported that the price of cryptocurrency has reversed after Bybit’s outflow of $1.5 billion in a potential security incident. Bitcoin fell from close to $100,000 to about $97,000, while Ethereum fell nearly 4% to below $2,700. The downturn also triggered a leverage liquidation of about $100 million, according to Coinglass.

Ethena Labs confirms that all USDE-enabled spot assets are away from exchanges, including by Bybit through Copper Clearloop, ensuring that they are not directly on any exchanges. The company’s BYBIT hedging position is still below the $30 million unrealized PNL, which is less than half the reserve fund. Therefore, the USDA remains fully mortgaged, maintaining its stability despite recent market developments.

Bybit’s reserve proof shows that the exchange held $16.2 billion in assets ahead of the recent hack. The stolen US$1.4 billion accounted for 8.64% of the total shares of Bybit. Despite this violation, the exchange insisted that it was still a solvent and that all other cold wallets and operations did not affect.

Tron founder Justin Sun said he and his team are closely monitoring the Bybit incident after the hackers. He assured that Tron will provide its partners with full support to track the stolen funds and is committed to leveraging all available resources to assist in investigations and fund recovery efforts.

Bybit is experiencing a lot of outflows, with ETH having more than 1.4B and Steth leaving the platform. The funds are quickly moving to new addresses that are actively sold, including $200 million that has been uninstalled. It is worth noting that activity has been detected from address 0x476666666665BD0AC7003BCE3BCE3F5C358538383F09486E2.

After the hacker manipulated the signature interface and changed the smart contract logic, Bybit detected unauthorized activity in the Multisig cold wallet, transferring funds to the warm wallet. Security teams and blockchain forensic experts are investigating. All other cold wallets are kept secure, ensuring that customer funds and overall operations are not affected.

According to cryptocurrency rovers, $1.46 billion was quickly flowing from Bybit, which caused an alarm about potential security breaches. The event could disrupt transactions and shake investor confidence. Traders are advised to closely monitor the further impact of emerging developments.

Bybit continues to process withdrawals seamlessly after the recent signature hack. The event appears to be isolated with more than $20 billion in assets on the platform and the cold wallet is still untouched. Investors are still relieved that infectious diseases are extremely unlikely; market confidence remains strong.

Bybit was hacked for $1.4 billion after the suspected ETH leak reported by on-chain detective Zachxbt. The CEO confirmed this week (Ben Zhou) that hackers exploited a spoofed UI to change the smart contract logic of cold wallets, transferring all ETH to unknown addresses. Exchanges remain solvent and seek help tracking funds.