Bybit Confirms $1.44 Billion ETH Cold Wallet Hack, Triggering Market Dip

Cryptocurrency exchange Bybit confirmed a significant security breach involving its ETH cold wallet. The incident, which occurred during a transfer to a warm wallet, involved a sophisticated attack that manipulated the transaction process. Approximately $1.44 billion in assets were stolen, including 401,347 ETH (valued at $1.12 billion), 90,376 stETH ($253.16 million), 15,000 cmETH ($44.13 million), and 8,000 mETH ($23 million). Bybit's security team and blockchain forensic experts are investigating the breach. Following the breach, ETH experienced a 5% drop to $2,675, but has returned to the $2,766 level. Bybit CEO Ben Zhou assured users that other cold wallets are secure, client funds are safe, and operations continue normally.