CandleFocus Bybit CEO Calls Latest Crypto Hack 'Worst in History', Announces Next Steps
2025-02-22
Author: Content Editor
Popular cryptocurrency trading platform, Bybit, experienced a major hack resulting in the loss of approximately $1.4 billion worth of ETH and other tokens from its cold wallet. Bybit CEO, Ben Zhou, confirmed the hack and stated that it was one of the worst in history. However, Zhou reassured users that all withdrawals had been processed and the withdrawal system was now back to normal. Bybit will release a full incident report and implement enhanced security measures in response to the hack. The attack used advanced phishing and spoofing tactics through a compromised user interface to deceive users into approving fraudulent transactions. The hacker manipulated the smart contract logic of Bybit's ETH cold wallet to gain control and transfer the stolen funds. This incident highlights the growing complexity of security threats in the cryptocurrency industry.
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