Breaking: Bybit Suffers Major Hack, $1.46B Ethereum Drained

Singapore-based crypto exchange Bybit experienced a hack resulting in the theft of $1.4 billion worth of Ethereum from its multi-signature cold wallet. Bybit's CEO confirmed the attackers deceived the cold wallet signers into authorizing a malicious transaction disguised as a normal operational transfer. The hackers exploited a fake UI displaying a legitimate transfer address, likely through a phishing method. Following the hack, the stolen Ethereum was moved to an unknown address, and then distributed across 39 addresses holding 10,000 ETH. Approximately $200 million worth of stETH has been liquidated. The hack coincided with Bitcoin's price retracing from $99,497.97 to $98,643.46, and Ethereum dropping from $2,842.83 to a low of $2,680.69 before recovering slightly to $2,736.67.