(VOR News) – Bybit, a cryptocurrency exchange, made the announcement today for the first time that an unidentified criminal stole more than $1.46 billion worth of cryptocurrency from one of its cold wallets that included Ethereum.
A secluded location was chosen for the storage of the wallets.
Unfortunately, our ETH multisignature cold wallet made an attempt to transfer cash to our warm wallet, which led to a problem. The reason for this attempt is unknown. It was during the process of moving the cold wallet from one area to another that an incident of this nature took place.
“Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic,” the company claimed in a statement that was released today.
“The attack was successful in displaying the correct address.” “As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.”
According to a statement that was released by the cryptocurrency exchange, its security team is presently conducting an investigation into the event with the support of blockchain forensic experts who are not affiliated with the company.
Every single member of the public became aware of it. In accordance with the announcement made by the company Bybit, which stated that they are happy to accept assistance in this endeavour, everyone who possesses the requisite expertise and capability to assist in identifying the stolen funds is encouraged to participate in the search for the proceeds.
The reason for this is that the company is open to receiving aid in the completion of its endeavour.
Although the incident did not have any impact on the operations of the exchange, it did not have any impact whatsoever on any other cold wallets, including Bybit. In addition, the assets of the customers are protected, and the occurrence has not had any impact whatsoever.
Bybit is the only cold wallet that has been attacked and compromised. Bybit is pleased to have the opportunity to inform you that each and every one of these assertions is, without a doubt, entirely accurate.
Being able to feel confident in the knowledge that all other cold wallets are adequately protected is a realistic expectation. As was said by the Chief Executive Officer of Bybit, it would be of great assistance to us if any organisation could assist us in identifying the cash that was stolen from our location.
In light of the circumstances, their presence would be greatly appreciated. “I will keep you guys updated as more information becomes available.”
Since “Bybit” is the solvent, it is used.
We have the ability to compensate the loss in the event that the hack is not recovered because all of the assets belonging to our customers are backed by a one-to-one ratio.
Because of this, we are able to compensate for the loss. Consequently, we are now in a position to make up for the loss that we suffered.
ZachXBT, an investigator who specialises in crypto theft, asserted that the person responsible for the hack has already dispersed 10,000 ETH out of the approximately 401,346 Bybit ETH that was stolen during the attack to 48 different addresses.
ZachXBT is of the opinion that the person who carried out the attack was the one who committed the larceny. Because ZachXBT has extensive experience in avoiding thefts of cryptocurrencies, he is considered a seasoned practitioner in the industry.
The entire amount of bitcoin that was stolen in a single occurrence was $1.46 billion, making this the most significant theft of cryptocurrency in the history of the Bybit world. Due to this activity, the previous record for the most bitcoin stolen was nearly tripled. This means that the record has been broken.
Sky Mavis made the announcement in March 2022 that the Ronin network bridge of Axie Infinity had been the subject of an attack, which resulted in the theft of 620 million dollars worth of bitcoin. In a statement, Sky Mavis revealed this information.
There were a total of 173,600 Ethereum tokens and 25.5 million USDC tokens removed from circulation in the cryptocurrency market. The complete number of these tokens was pulled from circulation.
In April of 2022, the Federal Bureau of Investigation (FBI) made the discovery that this incident was connected to two cyber gangs that were working in North Korea.
However, the FBI came to the conclusion that the link was significant. Lazarus and BlueNorOff were the names that were used to refer to these Bybit two organisations; however, the term APT38 is currently the acronym that is most commonly used.
SOURCE: BC
SEE ALSO:
Amazon MGM Takes Creative Control of 007 James Bond, Ending Family Oversight.
Walmart’s Stock Drops After a Poor Outlook, Escalating Concerns About US Spending.
