The crypto platform Bybit, one of the most prominent exchanges in the industry, suffered a hack that resulted in the loss of over 401,346 ETH (Ethereum), which is equivalent to approximately 1.4 billion dollars. This incident has been labeled as the largest crypto theft in history by experts. Bybit operates in about 160 countries, including Argentina since mid-2024. The attack has raised concerns about the security of centralized exchange platforms.
The hack was carried out using a 'interface phishing' technique, through which the attacker managed to manipulate a transaction from a multisig cold wallet to a hot wallet, according to specialists. Ben Zhou, co-founder and CEO of Bybit, pointed out that the hacker deceived the signers into approving changes to the smart contract logic without realizing the imminent danger. This sophisticated tactic highlights existing vulnerabilities in cryptocurrency handling and the importance of education in cybersecurity.
After discovering the hack, Bybit acted immediately, implementing measures to mitigate the damage and restore user trust. They announced scheduled maintenance to strengthen their security systems and conduct a thorough review for possible breaches. Additionally, they assured users that funds in other cold wallets were secure and that withdrawal operations would continue to function normally. Despite these actions, many users expressed concerns about the overall security of the platform and the possibility of future attacks.
Experts believe that this incident at Bybit underscores the growing need to adopt stronger measures in the crypto ecosystem. As cryptocurrencies gain popularity, hackers become more cunning and bold in their methods. It is crucial to remain alert to potential fraud and attacks in such a dynamic and sophisticated environment as that of cryptocurrencies.
