Ethereum News: Bybit Suffers Major Hack, Safe.eth Denies Breach, and Withdrawals Remain Open

In a shocking development, Bybit, a prominent crypto exchange, has fallen victim to a massive $1.5 billion hack, prompting widespread concern within the cryptocurrency community. Despite the severity of the breach, Safe.eth, the multisig wallet managing Bybit’s Ethereum cold wallet, has denied any compromise on their end. Here's a closer look at the incident and its implications.

Bybit Hack Impact: PI Surges, CZ Comments, Safe Denies Breach and More

Bybit, a leading crypto exchange, suffered a $1.5 billion hack, called the “biggest security breach in crypto history.” The community is scrambling, and Safe.eth, the multisig wallet managing Bybit’s Ethereum cold wallet, denies any breach on their end. They are working closely with Bybit on an investigation. Due to high demand, users face difficulty withdrawing funds, but CEO Ben Zhou assures withdrawals will remain open.

Bybit Hacked: Shunyet Jan Confirms Everyone Is Affected

Bybit's head of derivatives and institutions, Shunyet Jan, confirmed during a live stream that everyone is affected by the recent hack. It's not clear how all users are impacted, as only Bybit's ETH cold wallet was compromised, but withdrawals have been paused, affecting users' ability to withdraw other assets. Ben Zhou also revealed that the stolen Ethereum accounts for 70% of the exchange's total ETH holdings.

Binance and Bitget Transfer Large Amount of ETH to Bybit

Binance and Bitget have transferred over 50,000 ETH to Bybit's cold wallets in a coordinated rescue effort. On-chain analyst Conor Grogan spotted the transactions, noting that Bitget's deposits were particularly shocking, accounting for a quarter of all the exchange's ETH. The funds were directly transferred to Bybit, bypassing standard deposit addresses.

North Korea’s Lazarus Group Suspected of Bybit’s $1.4B Hack

According to on-chain blockchain security analyst ZackXBT, North Korea's Lazarus Group is suspected to be behind the recent $1.4 billion hack of Bybit, where liquid-staked Ether and MetaETH (mETH) were stolen. ByBit Founder Ben Zhou assured users that all other cold wallets are secure. The hack was executed through a sophisticated attack that masked the singing interface, displaying the correct address while altering the underlying smart contract logic.

Bybit Suffers Major Hack Linked To North Korea’s Lazarus Group

Bybit, a leading crypto exchange, has confirmed a security breach involving its Ethereum cold wallet. The attack, reported on Friday, resulted in losses estimated at over $1.5 billion, marking one of the largest cryptocurrency hacks in history. The breach occurred during a transfer from their ETH multisig cold wallet to a warm wallet, with the hacker executing a sophisticated manipulation of the transaction process to mask the signing interface.

Ethereum Price Falls as Bybit Suffers $1.4 Billion Hack

Ethereum price dipped following a major hack on the crypto exchange Bybit, which resulted in the theft of $1.44 billion worth of ETH-based assets. The hack has caused a significant pullback in Ethereum's price, which was rejected at $2,850. Bybit's CEO announced that the exchange has secured bridge loans to address the increased withdrawals stemming from the hack. Technical indicators such as RSI and MACD need to cross above their neutral levels to help pull Ethereum out of its current range-bound movement.