Biggest Crypto Hack in History: Market Crashes After Bybit Faces $1.5 Billion ETH Hack

The cryptocurrency exchange Bybit suffered a hack resulting in the loss of $1.5 billion worth of Ethereum, making it the largest crypto hack ever. The attackers exploited Bybit's Ethereum multi-signature cold wallet by manipulating the interface to trick authorized signers into changing the wallet's smart contract logic. This allowed them to transfer all the Ethereum in that specific cold wallet, about $1.46 billion worth at the time, to 48 different addresses. Following the news, the price of Ethereum dropped by 5%, falling to around $2,680. Bybit's CEO assured users that all other assets are secure and that the exchange is solvent and able to reimburse affected clients. This hack surpasses the previous largest crypto hack, the Ronin Network incident, where $625 million was stolen.