Bybit hacked for $1.46B in Ethereum wallet security break

Bybit, a cryptocurrency exchange, experienced a security breach resulting in the loss of $1.46 billion worth of Ethereum (ETH). The funds were moved to four different Ethereum addresses and some are being traded on decentralized exchanges. On-chain investigators identified unusual activity from Bybit's wallets. Although this is a significant loss, Bybit claims to have enough funds to cover user deposits, meaning customer funds are largely safe. The exchange explained the attack as a manipulation of the destination address during a routine transfer of funds between its secure offline storage (cold wallet) and its online storage (hot wallet). Investigators have identified five wallets associated with the stolen funds and recommend that other exchanges and services block these wallets.