Bybit suffers $1.4 billion hack, ETH drained from exchange wallet

Bybit, a cryptocurrency exchange, was hacked and lost $1.4 billion worth of Ethereum (ETH) and staked ETH. The hacker exploited a vulnerability in Bybit's security system to access and transfer the funds from a cold storage wallet. Bybit's CEO confirmed the hack and stated that the exchange remains solvent and can cover the losses with its own funds. Customer funds are secure and were not affected. The hacker has already started moving the stolen funds to different addresses, and blockchain security firms are investigating the incident and offering a bounty for information leading to the hacker's identity. Ethereum's price dropped slightly after the news but the overall market reaction was minimal.