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Blockchain data shows that the hackers transferred 401,346 ETH, valued at around $1.13 billion, from Bybit’s hot wallet to an unknown address. The stolen funds are being liquidated, which has already affected Ethereum’s market price.
Bybit CEO Ben Zhou confirmed the hack on social media. He explained that attackers tricked the exchange’s security system by showing wallet signers a fake user interface. This deception led them to unknowingly approve changes to the smart contract, giving hackers full control over the funds.
As a result, the attackers drained all ETH from Bybit’s cold wallet and sent it to an unknown wallet. Following the hack, Ethereum’s price dropped by over 4% as the stolen ETH was quickly sold off.
Arkham’s data shows that nearly $200 million worth of Lido Staked Ether (stETH) was liquidated within the first 30 minutes of the breach. Security experts have compared the attack to the hacking of WazirX and Radiant Capital last year, suggesting that the attackers used the same techniques.
This could be one of the largest crypto exchange hacks ever, pointing to security vulnerability in the sector.
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