Summary: In a major security breach, Bybit, a cryptocurrency exchange, experienced the unauthorized movement of 401,346 ETH, worth $1.13 billion, from its exchange wallets. The breach was caused by a sophisticated attack targeting Bybit's multi-signature Ethereum cold wallet, which allowed the hacker to gain unrestricted access to the funds. Bybit has initiated an investigation in collaboration with blockchain forensic experts to trace the stolen funds. The exchange has promised transparency throughout the investigation process and warned that the market volatility of ETH may increase if the stolen funds are transferred or offloaded. This incident highlights the need for enhanced smart contract security and advanced threat detection systems to protect crypto assets. The crypto community is on high alert for any suspicious ETH activity as Bybit aims to recover from the breach.



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