Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Findingnemo on February 21, 2025, 07:21:24 PM
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Crypto exchange Bybit announced it suffered a security breach in one of its ETH cold wallets.
The hack saw the attacker stealing $1.4 billion worth of ETH.
Bybit's CEO claims the exchange is solvent even if the stolen funds aren't recovered.
Crypto exchange Bybit hacked for $1.4 billion worth of ETH (https://www.fxstreet.com/cryptocurrencies/news/breaking-crypto-exchange-bybit-hacked-for-14-billion-worth-of-eth-202502211643)
What will be the effect on crypto market after this confirmed news?
First impressions there's a slight downtrend on the prices of cryptos but nothing significant or this is yet to reach the potential weak hands?
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
if they say so. i think there is nothing else to stir after all they already said they are solvent and nothing to worry. if these exchanges are just going to share the addresses where coins are sent, i think they will find out that a lot of people care about them and may actually help give them information about the culprit.
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
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Crypto exchange Bybit announced it suffered a security breach in one of its ETH cold wallets.
Strange news, the hackers were able to hack their cold wallets? It's quite strange to hear that some hackers were so good that they managed to break the cold wallets of Bybit and hacked $1.4 Billion worth of ETH. It won't impact the market in any bad way but it's quite sad to hear such news.
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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.
Translation, somebody in their staff downloaded a clipboard hijacker ;D
We want to assure our users and partners that all other Bybit cold wallets remain fully secure
Yeah, of course, they are, nobody is going to try to hack cold wallets with zero money left in them.
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Somehow I wouldn't be surprised if it turns out to be an insider theft.
That's what I thought, cold wallet with 1.4bn worth of cryptos, something doesn't adds up.
Well, we will know the real story after the further investigation and until that no one should trust the exchange and just move away if there's any funds left in their account even if the exchange claims users will not affected by the hack.
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That's what I thought, cold wallet with 1.4bn worth of cryptos, something doesn't adds up.
Well, we will know the real story after the further investigation and until that no one should trust the exchange and just move away if there's any funds left in their account even if the exchange claims users will not affected by the hack.
Actually, in every season on the market we all get the lesson like this like in the previous time we saw the FTX Bank rupty and Luna crash and as well also the others I or you don't know and every one of them are saying just move your fund from the crypto centralized exchange and also invest only on the bitcoin if you want to security your assets.
Anyways, current updates were not even good from the bybit CEO and as well we were also seeing the impact on the market, let not hope we were seeing another FTX incident.
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
if they say so. i think there is nothing else to stir after all they already said they are solvent and nothing to worry. if these exchanges are just going to share the addresses where coins are sent, i think they will find out that a lot of people care about them and may actually help give them information about the culprit.
They can't recover it. Lazarus group did it (north korean hackers). So far they haven't been caught and never returned anything. :P
But bybit is extremely profitable, I think I read they made $1b+ profit last year, I don't doubt they can cover their losses. But still, I highly recommend everyone with funds there to withdraw while they can. Remember FTX was also fine at first, until it wasn't...
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Well, even though the crypto market has just started to rise yesterday. It's just that this is actually bad news. The proof is, the market immediately dropped, even BTC which had risen quite drastically, had to drop again to $ 94k. And we can also see all the coins data in the market cap that really dropped. Most of the drops are in the range of more than -3%. even ETH is more than -5%. This is quite bad if Bybit doesn't make a decision that is comforting soon.
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So far, exchanges has always been the target of hackers because they hold large volume of assets in billions of dollars in value. All these assets are owned by investors that find it so difficult keeping their assets under their custody as they prefer a third party to keep it safe for them believing that their assets are well secured which is not.
This would serve as lessons to those who still feel third parties are safe for assets storage when they can not guarantee their own safety irrespective of how sophisticated their devices and mechanisms are.
Always remember " not your keys,not your coin"
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That is a lot of money lost there and right now so many Bybit customers are rushing to withdraw their deposits, this will even cause more problem for the exchange, a 'bank run'. Not your keys, not your coins can never be overstated in this network, people do not just learn from the mistakes of other people and it is sad.
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Well, even though the crypto market has just started to rise yesterday. It's just that this is actually bad news. The proof is, the market immediately dropped, even BTC which had risen quite drastically, had to drop again to $ 94k. And we can also see all the coins data in the market cap that really dropped. Most of the drops are in the range of more than -3%. even ETH is more than -5%. This is quite bad if Bybit doesn't make a decision that is comforting soon.
ETH should be the most affected one after this news, the news has little to no effect on bitcoin since it's been many hours after we got the news and there seems to be no downtrend on BTC. And let's hope bybit won't bite the dust like FTX cause that will be catastrophic and can create a big dent on the prices of every crypto for a while.
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Crypto exchange Bybit announced it suffered a security breach in one of its ETH cold wallets.
The hack saw the attacker stealing $1.4 billion worth of ETH.
What will be the effect on crypto market after this confirmed news?
First impressions there's a slight downtrend on the prices of cryptos but nothing significant or this is yet to reach the potential weak hands?
1.4B USD is not an amount that can take down Bybit, Bybit is big enough to handle this incident even if they have to borrow from many partners. I hope that they will also be able to negotiate with the hacker to get most of the money back, the hacker can receive 5-10% as a reward for finding the bug and testing :)
This event is causing many investors to worry but not to the point of panic like the FTX event because Bybit did not cheat users. Weak-handed investors will have more reasons to leave the market, while diamond hands will have the opportunity to buy more tokens for the uptrend!
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That is a lot of money lost there and right now so many Bybit customers are rushing to withdraw their deposits, this will even cause more problem for the exchange, a 'bank run'. Not your keys, not your coins can never be overstated in this network, people do not just learn from the mistakes of other people and it is sad.
It is unfortunate that people still prefer third party exchange for saving or keeping of funds than their own private savings. I have always said this that if an exchange would tell you that the safety of your funds with them is not guaranteed, is it their own funds that is safe with them being the fact that they are always a target for hackers as a result of huge funds under their custody coupled with the fact that they use sophisticated devices and equipments, yet they still get hacked.
This alone is a lesson to learn from and keeping your funds under your custody is more safe than exchange which they already stated it clear that the safety of your funds is not guaranteed by them. Even with all these happenings, people still don't learn their lessons and would still keep making such mistakes.
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I saw this news last night and I was quick to withdraw all of my funds in there. It was a suspense to me because most of the popular networks are congested because of them. But fortunately, I was able to take all my funds in them. They also know how did it all happened when UI spoofing was the culprit. The hackers are again the Lazarus group of North Korea. They're all targeting the big exchanges and siphoning their cold wallets.
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OK, so Ethereum got hard-forked after $150 million DAO hack back in 2016, and now the current hack is almost ten times bigger. Do you think they should hard-fork it again to reverse the steal?
I seriously doubt they will, but I can't understand what would be ETH developers' arguments against it, if they still stand in a position that the 2016 fork was a good decision. I guess they could say that in 2016 they protected the community and individual investors and now, the only victim, at least officially is ByBit, who claim they can cover the loss from their own reserves.
Do you think Vitalik and the team should fork it again?
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
if they say so. i think there is nothing else to stir after all they already said they are solvent and nothing to worry. if these exchanges are just going to share the addresses where coins are sent, i think they will find out that a lot of people care about them and may actually help give them information about the culprit.
- Until now, they still can't determine who the culprit is, whether it was an indiscriminate job or the Lazarus group of hackers. And they also assured that even if they determine who the hackers are or if they can't recover them, they will still shoulder the lost funds of 1.4 billion dollars.
That's still a big loss for Bybit, of course, but of course they still protect the welfare of their users so that the trust remains with them. However, it's still better for us to store our crypto assets in hardware wallets than in centralized exchanges like this.
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- Until now, they still can't determine who the culprit is, whether it was an indiscriminate job or the Lazarus group of hackers. And they also assured that even if they determine who the hackers are or if they can't recover them, they will still shoulder the lost funds of 1.4 billion dollars.
That's still a big loss for Bybit, of course, but of course they still protect the welfare of their users so that the trust remains with them. However, it's still better for us to store our crypto assets in hardware wallets than in centralized exchanges like this.
Its already concluded that the Lazarus group of North Korea is the culprit. ZachXBT has identified the Lazarus Group, and by doing so they got 50,000 ARKM from Arkham Intelligence, roughly $31k. The whole community responded by helping to track the funds. The whole community is also advising everyone to take their security to its highest level. We will know in the coming days if they track and recover part of the funds.
Its good that there is no huge impact in the market; its still doing good so far.
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OK, so Ethereum got hard-forked after $150 million DAO hack back in 2016, and now the current hack is almost ten times bigger. Do you think they should hard-fork it again to reverse the steal?
I seriously doubt they will, but I can't understand what would be ETH developers' arguments against it, if they still stand in a position that the 2016 fork was a good decision. I guess they could say that in 2016 they protected the community and individual investors and now, the only victim, at least officially is ByBit, who claim they can cover the loss from their own reserves.
Do you think Vitalik and the team should fork it again?
To be fair, ETH was very young at that time and the hack would have been catastrophic. Even if a company (bybit) loses $1.5b, that won't do anything to other exchanges or projects. Back in the old days, everybody from the comunity was invested in the DAO, that would kill the ecossystem. Or maybe it could be that the guys with power to decide on stuff like forking were extremely affected.
No fork is coming, that's for sure.
Also, if Bybit is $1.5b ETH short, won't they just need to buy everything back from the market? Am I the only one seeing how bullish this could be? ;D
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
Bybit have currently stopped all withdrawal from the exchange and claim they are on maintenance. I hope this is true if not those that kept their funds in Bybit will bite their fingers for learning in a hard way. This is the reason why people shouldn't keep their funds in exchanges because they're vulnerable to hack.
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1.4B USD is not an amount that can take down Bybit, Bybit is big enough to handle this incident even if they have to borrow from many partners.
Would you lend money to someone who has just lost 1.4 billion in a simple attack with a staff that clearly has no issue with enforcing actual security?
Also, would you lend to a guy who is losing clients?
Bybit faced a massive bank run, receiving 350,000 withdrawal requests within 10 hours. The flood of exits outpaced the platform’s processing speed, leaving 2,100 requests stuck in the queue as Bybit’s team worked through the night.
OK, so Ethereum got hard-forked after $150 million DAO hack back in 2016, and now the current hack is almost ten times bigger. Do you think they should hard-fork it again to reverse the steal?
Right before that hack, they had about 15% of all the ETH in that thing, this right here is not even 1% of all the ETH.
There will be no hard fork not even over 10 billion.
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
Bybit have currently stopped all withdrawal from the exchange and claim they are on maintenance. I hope this is true if not those that kept their funds in Bybit will bite their fingers for learning in a hard way. This is the reason why people shouldn't keep their funds in exchanges because they're vulnerable to hack.
If the news is to go by, then many will get stocked up because they would not be able to make a withdrawal and this should serve as a lesson to those who always keep their assets under the custody of exchange when the safety of their asset can not be guaranteed. As for the withdrawal stoppage, I have not experienced it but I was able to make use of the p2p this evening and everything scaled through successfully.
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During Bybit exchange have higher back up fund looks not much problem with 400k ETH stolen by hacker, usually if any exchange market got hack much fund exactly over 400k ETH will make suspended for withdrawing and get maintance awhile for trading activities.
But Bybit exchange looks difference with other exchange and not make their user got worry with how much fund stolen by hacker after the exchange market keep operating as usually. Not deposit and withdrawing close make users trade as usually and they can withdraw their fund if worry about Bybit exchange in the future.
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Bybit have currently stopped all withdrawal from the exchange and claim they are on maintenance. I hope this is true if not those that kept their funds in Bybit will bite their fingers for learning in a hard way. This is the reason why people shouldn't keep their funds in exchanges because they're vulnerable to hack.
They claim they have never stopped but it was because of a huge wave of withdrawals that some were delayed
https://x.com/Bybit_Official/status/1893585578706227545
Of course, claims and what's happening in reality behind the counter it's a different thing.
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
The thing is that Bybit have some safu balance to keep things at normal state and they will try everything possible to present themselves as self sufficient in other not to create any form of panic within their customers, amd also for now everything seems to be very OK and normenal with the exchange and their is no other official statement that can differ the already established customers confidence in they customers.
No panic withdrawal os notice yet and I still use Bybit for my p2p trading less than 24 hour's ago and everything went fine with the transactions.
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- Until now, they still can't determine who the culprit is, whether it was an indiscriminate job or the Lazarus group of hackers. And they also assured that even if they determine who the hackers are or if they can't recover them, they will still shoulder the lost funds of 1.4 billion dollars.
That's still a big loss for Bybit, of course, but of course they still protect the welfare of their users so that the trust remains with them. However, it's still better for us to store our crypto assets in hardware wallets than in centralized exchanges like this.
Its already concluded that the Lazarus group of North Korea is the culprit. ZachXBT has identified the Lazarus Group, and by doing so they got 50,000 ARKM from Arkham Intelligence, roughly $31k. The whole community responded by helping to track the funds. The whole community is also advising everyone to take their security to its highest level. We will know in the coming days if they track and recover part of the funds.
Its good that there is no huge impact in the market; its still doing good so far.
- I hope they can at least recover the 1.4 billion dollars, though it seems impossible, but let's still keep positive. Then if so, how will they recover it? If they know who the culprit is, how will they do that? Will they talk to those in charge of the Korean government to return the funds that were taken from them?
This Lazarus group is also so strong, the courage for them to do this, isn't it possible that there are high officials of the Korean government protecting this Lazarus group that is why they are so brave?
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1.4B USD is not an amount that can take down Bybit, Bybit is big enough to handle this incident even if they have to borrow from many partners. I hope that they will also be able to negotiate with the hacker to get most of the money back, the hacker can receive 5-10% as a reward for finding the bug and testing :)
This event is causing many investors to worry but not to the point of panic like the FTX event because Bybit did not cheat users. Weak-handed investors will have more reasons to leave the market, while diamond hands will have the opportunity to buy more tokens for the uptrend!
The problem is not the $1.4 billion in ETH that has "disappeared." The problem itself lies in the credibility of an exchange with the reputation that Bybit has had for years, as well as the ability to keep exchange systems, wallets and users secure. It is true that Bybit has enough funds to offset the losses even if the hacker does not return a single ETH he stole, but I think the exchange still owes its users an explanation about the new security measures they will have to implement and how they are going to avoid problems similar to the one they are suffering now in the future.
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(...) It is true that Bybit has enough funds to offset the losses even if the hacker does not return a single ETH he stole, but I think the exchange still owes its users an explanation about the new security measures they will have to implement and how they are going to avoid problems similar to the one they are suffering now in the future.
Have they actually posted any proof of reserves? It's a big claim to say they had over $1.4 billions just sitting there in their own reserves and they can cover all the losses from the hack from their own pocket.
According to CMC, their 24h volume is around $1.5 billion, calculated at 0.1% fee, the stolen amount was worth almost 3 years of their revenue.
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Have they actually posted any proof of reserves? It's a big claim to say they had over $1.4 billions just sitting there in their own reserves and they can cover all the losses from the hack from their own pocket.
According to CMC, their 24h volume is around $1.5 billion, calculated at 0.1% fee, the stolen amount was worth almost 3 years of their revenue.
Ben Zhou, co-founder and CEO of Bybit, said a few days ago that clients' assets were backed 1 to 1: https://x.com/benbybit/status/1892969284587966869.
There is also more information available in this article, where we can find (among other things) the following statements:
“Today’s hack was massive—a tough hit for the industry. But here’s the bottom line: Bybit’s reserves still exceed its liabilities. As their independent PoR auditor, we’ve confirmed that user funds remain fully backed.
https://cointelegraph.com/news/bybit-hack-withdrawals-5-3b-reserves-secure-hacken.
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Some exchanges have blocked funds believed to be from the Bybit hack
(https://talkimg.com/images/2025/02/23/qVxNl.png)
https://x.com/Bybit_Official/status/1893687749229563958
hint: Bitget froze 84 USDT 8)
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Have they actually posted any proof of reserves? It's a big claim to say they had over $1.4 billions just sitting there in their own reserves and they can cover all the losses from the hack from their own pocket.
According to CMC, their 24h volume is around $1.5 billion, calculated at 0.1% fee, the stolen amount was worth almost 3 years of their revenue.
Not sure how that's calculated, but I've heard many times that Bybit profits more than $1.2b per year, so the amount lost is equal to 1 year of business. Hurts a bit, but they have the option of letting the exchange die or survive for now so they can fill the hole in 1 year and then keep profting tens of billions for the near future.
Even Coinbase profited $2.6 billion last year.
Some exchanges have blocked funds believed to be from the Bybit hack
https://x.com/Bybit_Official/status/1893687749229563958
hint: Bitget froze 84 USDT 8)
Seems like Lazarus will have to get creative to launder and withdraw the funds. Saw a tweet earlier today that they connected the group with an address which launched and profit from a memecoin. Might see some memecoins from them to try hiding the money in the crow. Crazy stuff. :P
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What will be the effect on crypto market after this confirmed news?
We have already seen the effects lately and it is not as gargantuan as some might have supposed. Though the hack is really so big for an exchange, I think the market is not reacting wildly to the news and it is now starting to move on. What is concerning here is that the hack involved the cold wallet of Bybit...making me think if there is still safe in here for exchanges as many are falling victim to the Lazarus hackers based in North Korea. As a result, I think that big exchanges should band together to create solid, strong and pro-active security technology that can protect their business from any hacker especially those coming from abroad, otherwise this will not be the last and we would even see bigger hacks in years to come.
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As a result, I think that big exchanges should band together to create solid, strong and pro-active security technology that can protect their business from any hacker especially those coming from abroad, otherwise this will not be the last and we would even see bigger hacks in years to come.
Eummm... it's really like a never-ending terror until the future... if only there was a way to prevent and control it simultaneously, it's quite risky too, considering when many exchanges use the same security system (in this case because of their cooperation) and the same way of handling it... the most critical thing that happens is a bigger hack because the unification makes the condition worse...
Yeah, this incident is really shocking and I hope bybit really finds a solution for this big loss... many people are waiting for the amount of reserve funds that the platform has... because it's really interesting to measure bybit's ability to solve this problem.
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What will be the effect on crypto market after this confirmed news?
We have already seen the effects lately and it is not as gargantuan as some might have supposed. Though the hack is really so big for an exchange, I think the market is not reacting wildly to the news and it is now starting to move on. What is concerning here is that the hack involved the cold wallet of Bybit...making me think if there is still safe in here for exchanges as many are falling victim to the Lazarus hackers based in North Korea. As a result, I think that big exchanges should band together to create solid, strong and pro-active security technology that can protect their business from any hacker especially those coming from abroad, otherwise this will not be the last and we would even see bigger hacks in years to come.
Or we can say that the community is already that been not minding up that much? There were sell off on ETH's but it didnt drop so hard on which unlike before into those previous years on which whenever there's some exchange hacks on which it will really be making up the market dump but thats not the case that we are seeing now and its really that different. We've seen on how the market reacts with these kind of sentiments now. Just like on what i have said earlier that usually these kind of exchange hacks do really happens whenever that bull run approaches. We've seen these kind of news or fundamentals on which it could possibly driven down the market price but it seems that this one isnt really that making some huge impact in regarding into value.
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Crypto exchange Bybit announced it suffered a security breach in one of its ETH cold wallets.
The hack saw the attacker stealing $1.4 billion worth of ETH.
Bybit's CEO claims the exchange is solvent even if the stolen funds aren't recovered.
Crypto exchange Bybit hacked for $1.4 billion worth of ETH (https://www.fxstreet.com/cryptocurrencies/news/breaking-crypto-exchange-bybit-hacked-for-14-billion-worth-of-eth-202502211643)
What will be the effect on crypto market after this confirmed news?
First impressions there's a slight downtrend on the prices of cryptos but nothing significant or this is yet to reach the potential weak hands?
Until now, the Bybit team is still looking for the perpetrators and holding a bounty to find them. The reward is quite substantial, around 150 million US dollars. If someone succeeds in recovering their money, the reward will be quite high for those who can find the stolen Ethereum. Bybit has grown rapidly, but the losses have been significant.
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~snip
Some exchanges have blocked funds believed to be from the Bybit hack
hint: Bitget froze 84 USDT 8)
In my opinion I think freezing 84 USDT would not be much of a big deal. Besides given the amount that the hackers actually stole from bybit , that fraction of USDT is way too small for them to pull out in attempt to split the funds, kill trace and probably convert it to fiat.
If those hackers are really good they probably would have split those coins into bits and then proceed to move them via decentralized exchanges swapping to something like Monero allowing bit sit for a while and the to probably bitcoin.
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If those hackers are really good they probably would have split those coins into bits and then proceed to move them via decentralized exchanges swapping to something like Monero allowing bit sit for a while and the to probably bitcoin.
it has been said that bybit has been working with elliptic trying to trace these hackers they know that the stolen tokens have been converted to native eth and now are distributed in different wallets and exchanges now the next move is for the hackers to empty these wallets without being traced they might use mixers for this or decentralized exchanges bybit must be waiting for further activity
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Well, Bybit reacted fast and is back to almost 100% 1:1 on client assets. (Ben Zhou they fully closed the ETH gap.)
Since being hacked, Bybit has received ~446,870 $ETH($1.23B) through loans, whale deposits, and ETH purchases
(https://talkimg.com/images/2025/02/24/q1VNT.png)
source: https://x.com/lookonchain/status/1893852261027140041
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It's worth commending the effort of the bybit CEO and the entire staff of the exchange for how the treated the issue of the hack, the money involved isn't a small amount of money but still, the management of the exchange treated the issue In a manner that the hack didn't have any negative impact on the prices of cryptocurrencies.
This is something every crypto exchange in the industry currently should emulate, to ensure that incidents like this never leads to what we saw during ftx collapse.
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In my opinion I think freezing 84 USDT would not be much of a big deal. Besides given the amount that the hackers actually stole from bybit , that fraction of USDT is way too small for them to pull out in attempt to split the funds, kill trace and probably convert it to fiat.
If those hackers are really good they probably would have split those coins into bits and then proceed to move them via decentralized exchanges swapping to something like Monero allowing bit sit for a while and the to probably bitcoin.
Freezing 84 USDT has nothing to do with the amount since it is very small. The fact of freezing that amount is more a detail of camaraderie and unity between exchanges and companies in the face of this type of hack than what 84 USDT really means. And I think that "unity" means a lot for exchanges, especially for the "weaker" ones, which logically are the ones with the least funds.
Yes, that hacker group is really good, although I personally don't consider them the best of all. Lazarus has a great track record in the underground scene, but despite the group's ability, it must be taken into account that Bybit acted very quickly, and that has possibly caused Lazarus to lack the ability to react.
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Until now, the Bybit team is still looking for the perpetrators and holding a bounty to find them. The reward is quite substantial, around 150 million US dollars. If someone succeeds in recovering their money, the reward will be quite high for those who can find the stolen Ethereum. Bybit has grown rapidly, but the losses have been significant.
They will take years before they recover from this loss. They have received alot of Ethereum from different ventures and partners and also some exchanges but the probem here is this loans are having interest rate. How much do we think this loan will be worth on an average, it's going to be taking years before this guys recover.
As for the hacker, this is one of the most see finish hacker I have seen, they are laundering money stolen every day on t h e internet. Just one mistake, and everything regarding this hack will become traceable and whoever is behind this hack will be exposed.
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What will be the effect on crypto market after this confirmed news?
We have already seen the effects lately and it is not as gargantuan as some might have supposed. Though the hack is really so big for an exchange, I think the market is not reacting wildly to the news and it is now starting to move on. What is concerning here is that the hack involved the cold wallet of Bybit...making me think if there is still safe in here for exchanges as many are falling victim to the Lazarus hackers based in North Korea. As a result, I think that big exchanges should band together to create solid, strong and pro-active security technology that can protect their business from any hacker especially those coming from abroad, otherwise this will not be the last and we would even see bigger hacks in years to come.
Yeah, the lowest low that I've seen in $93k and then we went back to $94k-$95k. So it's not that big even if the hacked is really that huge and it could have negative effect but the market remains resilient again.
Lazarus is really hitting the jackpot this early and we can only imagine what will they used for this billion?
Another weapons for them? hopefully not.
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
The thing is that Bybit have some safu balance to keep things at normal state and they will try everything possible to present themselves as self sufficient in other not to create any form of panic within their customers, amd also for now everything seems to be very OK and normenal with the exchange and their is no other official statement that can differ the already established customers confidence in they customers.
No panic withdrawal os notice yet and I still use Bybit for my p2p trading less than 24 hour's ago and everything went fine with the transactions.
I don't know if electronicash is following the news because the last time when I checked, the CEO said they are planning to recover the lost funds and the panic withdrawal has stopped.
You can read what he said.
🚨 Bybit CEO speaks out after major hack
✔️ Withdrawals are functional, but processing is slower due to 4,000+ pending transactions.
✔️ All Bybit services continue without disruption.
✔️ Looking into interim credit options to recover lost funds.
✔️ Withdrawal panic is over – 70% of requests completed.
🤨 Just one hour after the hack, $560M USDT landed on Bybit.
⚠️ Market impact: $100M in LONG positions liquidated in an hour
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Crypto exchange Bybit announced it suffered a security breach in one of its ETH cold wallets.
The hack saw the attacker stealing $1.4 billion worth of ETH.
Bybit's CEO claims the exchange is solvent even if the stolen funds aren't recovered.
Crypto exchange Bybit hacked for $1.4 billion worth of ETH (https://www.fxstreet.com/cryptocurrencies/news/breaking-crypto-exchange-bybit-hacked-for-14-billion-worth-of-eth-202502211643)
What will be the effect on crypto market after this confirmed news?
First impressions there's a slight downtrend on the prices of cryptos but nothing significant or this is yet to reach the potential weak hands?
As part of a business strategy to keep its users feel their funds are safe in good hands to me will be the reason for such statement. If there comes any form of panicking statement, it will lead to mass withdrawal from the exchange and deterioration of the exchange from its current level to a struggling one.
Though, 1.4billion is a big one to hit as a loss for a business.
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What will be the effect on crypto market after this confirmed news?
First impressions there's a slight downtrend on the prices of cryptos but nothing significant or this is yet to reach the potential weak hands?
We just saw a dump minutes after the hacking incident happened, and knowing it's $1.4B that's lost, a dump like that is pretty much expected already.
Weak hands might've sold some of their assets, but if you're an intelligent investor, you know that it's an opportunity to at least buy more Bitcoin. Losing $1.4B on a single day is quite unfortunate though. I mean that's almost a year of revenue for them already (more or less).
$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Knowing that it's Bybit which is one of the largest CEXes right now, saying that they aren't will create much more fear on the market. Just the hack alone pushed the price of Bitcoin from around $99,000 to around $95,000. What more if they said that they're insolvent. As for the recovery, I don't think that they can recover it TBH, or at least they have the power to recover it. The best thing that they can do is to put the lost money back 1:1, and luckily, they did it immediately.
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Crypto exchange Bybit announced it suffered a security breach in one of its ETH cold wallets.
The hack saw the attacker stealing $1.4 billion worth of ETH.
Bybit's CEO claims the exchange is solvent even if the stolen funds aren't recovered.
Crypto exchange Bybit hacked for $1.4 billion worth of ETH (https://www.fxstreet.com/cryptocurrencies/news/breaking-crypto-exchange-bybit-hacked-for-14-billion-worth-of-eth-202502211643)
What will be the effect on crypto market after this confirmed news?
First impressions there's a slight downtrend on the prices of cryptos but nothing significant or this is yet to reach the potential weak hands?
As part of a business strategy to keep its users feel their funds are safe in good hands to me will be the reason for such statement. If there comes any form of panicking statement, it will lead to mass withdrawal from the exchange and deterioration of the exchange from its current level to a struggling one.
Though, 1.4billion is a big one to hit as a loss for a business.
Obviously, the hacking that occurs with enormous losses can certainly provide sentiments that can develop and will make many who will make the transfer of existing funds so that the more will worsen the situation later. So it is natural if they have to stay calm and provide soothing information so that something does not happen to them. Although there may be help from internal or from insurance that they may have done, but doubts should not occur and are something that must be avoided.
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Obviously, the hacking that occurs with enormous losses can certainly provide sentiments that can develop and will make many who will make the transfer of existing funds so that the more will worsen the situation later. So it is natural if they have to stay calm and provide soothing information so that something does not happen to them. Although there may be help from internal or from insurance that they may have done, but doubts should not occur and are something that must be avoided.
It's not that big of an amount for the sentiment to change that much, however, it's still a precident to witness and take into the account.
I hope it won't change things that much.
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Do you think this is real?
(https://i.ibb.co/C57RTDZN/bybit.png) (https://ibb.co/VWSfP5Zr)
Source: https://x.com/martypartymusic/status/1894199752754901366
Maybe Bybit is liquidating to recover their losses?
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1.4B USD is not an amount that can take down Bybit, Bybit is big enough to handle this incident even if they have to borrow from many partners. I hope that they will also be able to negotiate with the hacker to get most of the money back, the hacker can receive 5-10% as a reward for finding the bug and testing :)
This event is causing many investors to worry but not to the point of panic like the FTX event because Bybit did not cheat users. Weak-handed investors will have more reasons to leave the market, while diamond hands will have the opportunity to buy more tokens for the uptrend!
The problem is not the $1.4 billion in ETH that has "disappeared." The problem itself lies in the credibility of an exchange with the reputation that Bybit has had for years, as well as the ability to keep exchange systems, wallets and users secure. It is true that Bybit has enough funds to offset the losses even if the hacker does not return a single ETH he stole, but I think the exchange still owes its users an explanation about the new security measures they will have to implement and how they are going to avoid problems similar to the one they are suffering now in the future.
I am curious to hear from Bybit how this happened and what measures they have put in place to further forestall any event of such happening in the future. As it stands now, bybit account holders would need some explanations from the bybit team with respect to their security measures implored since the hack to further protect the exchange and stop any future attempt to do such again. Although they would likely not say anything or much about the new security features that have been put in place at least they will have to explain to the community to calm their patience, clear their doubt and regain their trust.
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What will be the effect on crypto market after this confirmed news?
First impressions there's a slight downtrend on the prices of cryptos but nothing significant or this is yet to reach the potential weak hands?
Nah, this hack would not have any bad impact on the whole market but just the ETH price and to cover the empti gap in audits of Bybit they have bought the same amount of ETH again so this should be a positive sign, we should not be counting the current dump as result of this hack because it is not.
Overall the hack was pretty big as it is not a small amount, they really get their hands on something big this time. Lazarus I am talking about, they are finding more ways I wonder if any other exchanges is on their target list. We should move our funds to non custodial wallets as if we don't own the keys we don't own the funds.
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Maybe Bybit is liquidating to recover their losses?
I think many of us don't understand what liquidation is about and how it works. The exchanges don't make money from liquidation but they only make skme fractions from the process which is the fees. You see what happen to the long liquidated trades, those are shorters been settled and longer been forced closed their positions because they are out of health risk ratio.
It's like informing a bettor that there money they used for betting has been exhausted by another person on the other end and since you are not there to pay and don't have any more funds, your position has to be force close, only the fees goes to the exchanges.
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I think many of us don't understand what liquidation is about and how it works. The exchanges don't make money from liquidation but they only make skme fractions from the process which is the fees. You see what happen to the long liquidated trades, those are shorters been settled and longer been forced closed their positions because they are out of health risk ratio.
Liquidation occurs when you're trading leveraged, shorting or longing the market
Exchanges have this valuable information
Exchanges can earn from the fees and from the liquidation itself, since they also own cryptos
If you look at the whole scenario that Bybit received loans quickly, the market is being liquidated and Bybit is making money, it's not hard to imagine what's going on
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1.4B USD is not an amount that can take down Bybit, Bybit is big enough to handle this incident even if they have to borrow from many partners. I hope that they will also be able to negotiate with the hacker to get most of the money back, the hacker can receive 5-10% as a reward for finding the bug and testing :)
This event is causing many investors to worry but not to the point of panic like the FTX event because Bybit did not cheat users. Weak-handed investors will have more reasons to leave the market, while diamond hands will have the opportunity to buy more tokens for the uptrend!
The problem is not the $1.4 billion in ETH that has "disappeared." The problem itself lies in the credibility of an exchange with the reputation that Bybit has had for years, as well as the ability to keep exchange systems, wallets and users secure. It is true that Bybit has enough funds to offset the losses even if the hacker does not return a single ETH he stole, but I think the exchange still owes its users an explanation about the new security measures they will have to implement and how they are going to avoid problems similar to the one they are suffering now in the future.
I am curious to hear from Bybit how this happened and what measures they have put in place to further forestall any event of such happening in the future. As it stands now, bybit account holders would need some explanations from the bybit team with respect to their security measures implored since the hack to further protect the exchange and stop any future attempt to do such again. Although they would likely not say anything or much about the new security features that have been put in place at least they will have to explain to the community to calm their patience, clear their doubt and regain their trust.
There must have been some weakness in Bybit's security due to which hackers were able to hack such a large amount. However, they have received support from various sides and many big cyber security experts are now working to further enhance Bybit's security and working hard to recover the hacked ETHs. It has already been seen that Tather has frozen several wallets of the company. The amount of ETH or USDT already frozen in which wallets can be re-minted and returned to Bybit as the frozen ones will remain as Burn.
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Bybit's CEO claims the exchange is solvent even if the stolen funds aren't recovered.
Crypto exchange Bybit hacked for $1.4 billion worth of ETH (https://www.fxstreet.com/cryptocurrencies/news/breaking-crypto-exchange-bybit-hacked-for-14-billion-worth-of-eth-202502211643)
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That's a huge amount of value and I can't even imagine what that much Ethereum will be used for in the future.
The total stolen funds so far include 401,347 ETH (~$1.12B), 90,376 stETH (~$253.16M), 15,000 cmETH (~$44.13M), 8,000 mETH (~$23M).
It is also possible that Ethereum will be used to commit crimes or anything that has evil intentions.
For me, if I were a hacker, it would probably be better to return 70% of the stolen Ethereum and 30% as collateral for me personally. Rather than being a fugitive all over the world, it might be better to make a guarantee like 70:30%.
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1.4B USD is not an amount that can take down Bybit, Bybit is big enough to handle this incident even if they have to borrow from many partners. I hope that they will also be able to negotiate with the hacker to get most of the money back, the hacker can receive 5-10% as a reward for finding the bug and testing :)
This event is causing many investors to worry but not to the point of panic like the FTX event because Bybit did not cheat users. Weak-handed investors will have more reasons to leave the market, while diamond hands will have the opportunity to buy more tokens for the uptrend!
The problem is not the $1.4 billion in ETH that has "disappeared." The problem itself lies in the credibility of an exchange with the reputation that Bybit has had for years, as well as the ability to keep exchange systems, wallets and users secure. It is true that Bybit has enough funds to offset the losses even if the hacker does not return a single ETH he stole, but I think the exchange still owes its users an explanation about the new security measures they will have to implement and how they are going to avoid problems similar to the one they are suffering now in the future.
I am curious to hear from Bybit how this happened and what measures they have put in place to further forestall any event of such happening in the future. As it stands now, bybit account holders would need some explanations from the bybit team with respect to their security measures implored since the hack to further protect the exchange and stop any future attempt to do such again. Although they would likely not say anything or much about the new security features that have been put in place at least they will have to explain to the community to calm their patience, clear their doubt and regain their trust.
There must have been some weakness in Bybit's security due to which hackers were able to hack such a large amount. However, they have received support from various sides and many big cyber security experts are now working to further enhance Bybit's security and working hard to recover the hacked ETHs. It has already been seen that Tather has frozen several wallets of the company. The amount of ETH or USDT already frozen in which wallets can be re-minted and returned to Bybit as the frozen ones will remain as Burn.
There must have been some security lapses somewhere for which they could not have figured out early enough to take measures in properly putting it in place. As an organization with such responsibilities, it is ideal that they do routine checks and maintenance to regularly update and upgrade their servers with new sophisticated devices to protect their servers from being infiltrated. This is done regularly so that there would not be any room for breach looking at the magnitude and volume of funds under their custody, they would not complain of funds to do such because they sit on it there and this still makes me curious to know more but I am limited to doing such as it does not in any way worries me because I am not a team member or staff of the organization.
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There must have been some security lapses somewhere for which they could not have figured out early enough to take measures in properly putting it in place. As an organization with such responsibilities, it is ideal that they do routine checks and maintenance to regularly update and upgrade their servers with new sophisticated devices to protect their servers from being infiltrated. This is done regularly so that there would not be any room for breach looking at the magnitude and volume of funds under their custody, they would not complain of funds to do such because they sit on it there and this still makes me curious to know more but I am limited to doing such as it does not in any way worries me because I am not a team member or staff of the organization.
Bybit has released its audit report, confirming that the compromise wasn’t on Bybit’s end but with SAFE’s servers.
The preliminary reports of the hack were conducted by Sygnia and Verichains.
Here is the link to the full report:
https://docsend.com/view/s/rmdi832mpt8u93s7
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There must have been some security lapses somewhere for which they could not have figured out early enough to take measures in properly putting it in place. As an organization with such responsibilities, it is ideal that they do routine checks and maintenance to regularly update and upgrade their servers with new sophisticated devices to protect their servers from being infiltrated. This is done regularly so that there would not be any room for breach looking at the magnitude and volume of funds under their custody, they would not complain of funds to do such because they sit on it there and this still makes me curious to know more but I am limited to doing such as it does not in any way worries me because I am not a team member or staff of the organization.
Bybit has released its audit report, confirming that the compromise wasn’t on Bybit’s end but with SAFE’s servers.
The preliminary reports of the hack were conducted by Sygnia and Verichains.
Here is the link to the full report:
https://docsend.com/view/s/rmdi832mpt8u93s7
It is nice you have shared this document but I can not be able to view it from my end here, it shows me "content unavailable and I do not have permission to view this content. For more information contact Ben Zhou"
Hearing that this issue was not the fault of the exchange, then could it be that the third party organization did not play its part in securing the servers or what happened? This whole thing is beginning to sound funny though because, on a normal, their servers are supposed to be constantly upgraded and updated as it is huge funds are right under their service to protect they should have done better than allowing this to have happened. If the breach was from them according to the report, then it's a bad record for them to have caused the breach in the crypto exchange company causing them to lose huge funds to hackers which ought to have been averted early enough.
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There must have been some weakness in Bybit's security due to which hackers were able to hack such a large amount. However, they have received support from various sides and many big cyber security experts are now working to further enhance Bybit's security and working hard to recover the hacked ETHs. It has already been seen that Tather has frozen several wallets of the company. The amount of ETH or USDT already frozen in which wallets can be re-minted and returned to Bybit as the frozen ones will remain as Burn.
Actually, it wasn't from Bybit the weakness came from. It's from Safe wallet, a third party with largest account ownership of EVM with different smart contracts. The probem is that there is was an update and it seems Bybit was smart contract was vulnerable and Bybit wasn't aware and because they depend on this their service, the hacker was able to manipulate the contract and stole all their ethereum.
I blame Bybit though for trusting another third party to manage billions of dollars worth of Ethereum just like that, they shouldn't have depend on anyone with such amount or perhaps spread it into different wallets for safety.
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There must have been some security lapses somewhere for which they could not have figured out early enough to take measures in properly putting it in place. As an organization with such responsibilities, it is ideal that they do routine checks and maintenance to regularly update and upgrade their servers with new sophisticated devices to protect their servers from being infiltrated. This is done regularly so that there would not be any room for breach looking at the magnitude and volume of funds under their custody, they would not complain of funds to do such because they sit on it there and this still makes me curious to know more but I am limited to doing such as it does not in any way worries me because I am not a team member or staff of the organization.
Bybit has released its audit report, confirming that the compromise wasn’t on Bybit’s end but with SAFE’s servers.
The preliminary reports of the hack were conducted by Sygnia and Verichains.
Here is the link to the full report:
https://docsend.com/view/s/rmdi832mpt8u93s7
It is nice you have shared this document but I can not be able to view it from my end here, it shows me "content unavailable and I do not have permission to view this content. For more information contact Ben Zhou"
Hearing that this issue was not the fault of the exchange, then could it be that the third party organization did not play its part in securing the servers or what happened? This whole thing is beginning to sound funny though because, on a normal, their servers are supposed to be constantly upgraded and updated as it is huge funds are right under their service to protect they should have done better than allowing this to have happened. If the breach was from them according to the report, then it's a bad record for them to have caused the breach in the crypto exchange company causing them to lose huge funds to hackers which ought to have been averted early enough.
The Bybit hack exposes a chilling reality, Lazarus Group’s targeting developer machines could hit any multi-sig wallet.
And Safe has released a statement about the attack on Bybit, but its latest update raises more questions than answers. lol
You can read it here:
https://x.com/safe/status/1894768522720350673
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
Insider assumptions are always the thoughts of lay people. where as we know a financial platform must have significant security in terms of financial data, what's more, this is a big exchange, so the level of validity for insiders is 75%, the rest may be true, skilled hackers, but I don't know, only Bybit knows about this problem. we as outsiders can only watch how this case continues and hope that Bybit will improve security in each of its wallets
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
Insider assumptions are always the thoughts of lay people. where as we know a financial platform must have significant security in terms of financial data, what's more, this is a big exchange, so the level of validity for insiders is 75%, the rest may be true, skilled hackers, but I don't know, only Bybit knows about this problem. we as outsiders can only watch how this case continues and hope that Bybit will improve security in each of its wallets
It seems that what you said is a reality that should be a guideline for a fairly large financial platform.
The role of insiders is very significant and cannot be denied, and it is natural that the % should be higher even though the rest could be hackers playing.
But wisely and, of course, so that investors who have been loyal there do not panic. Bybit claims to be able to overcome it all and that is something that deserves to be appreciated, but this problem will always be an unforgettable memory.
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(...) It is true that Bybit has enough funds to offset the losses even if the hacker does not return a single ETH he stole, but I think the exchange still owes its users an explanation about the new security measures they will have to implement and how they are going to avoid problems similar to the one they are suffering now in the future.
Have they actually posted any proof of reserves? It's a big claim to say they had over $1.4 billions just sitting there in their own reserves and they can cover all the losses from the hack from their own pocket.
According to CMC, their 24h volume is around $1.5 billion, calculated at 0.1% fee, the stolen amount was worth almost 3 years of their revenue.
I don't think they had posted any proof of reserve but there are indication that users funds are not affected, as explained by team.
I am beginning to wonder if this proof of reserve is actually realistic because i read that there are some Etheruem donated by Binance and Bitget exchanges, precisely to assist in reducing the effects of the hack on the market and Bybit exchange.
The Proof of reserve from exchange may continue to generate debates on the crypto community because many crypto users thinks that some of the CEX exchange has not shown strong commitments about their proof of reserve. There are still some doubt about these proof of reserve from some of these exchanges out there.
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I am curious to hear from Bybit how this happened and what measures they have put in place to further forestall any event of such happening in the future. As it stands now, bybit account holders would need some explanations from the bybit team with respect to their security measures implored since the hack to further protect the exchange and stop any future attempt to do such again. Although they would likely not say anything or much about the new security features that have been put in place at least they will have to explain to the community to calm their patience, clear their doubt and regain their trust.
I don't think Bibyt's statements are very technical or deep. At most they will simply say that they have solved the problem and that something like this will not happen again. What they won't say is that they are testing their systems 100%, something that is theoretically done before launching an exchange, or is planned every X months to evaluate security levels. Although users have their funds and from now on will act as if nothing has happened, the problem lies in how long it will take until something similar happens again, on Bybit or any other exchange.
I don't think they had posted any proof of reserve but there are indication that users funds are not affected, as explained by team.
I am beginning to wonder if this proof of reserve is actually realistic because i read that there are some Etheruem donated by Binance and Bitget exchanges, precisely to assist in reducing the effects of the hack on the market and Bybit exchange.
The Proof of reserve from exchange may continue to generate debates on the crypto community because many crypto users thinks that some of the CEX exchange has not shown strong commitments about their proof of reserve. There are still some doubt about these proof of reserve from some of these exchanges out there.
Proof of reserves are a very good idea, but the truth is that, in my opinion, exchanges do not execute them as they should. I have never trusted proofs of reserve because they are not transparent.
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I am curious to hear from Bybit how this happened and what measures they have put in place to further forestall any event of such happening in the future. As it stands now, bybit account holders would need some explanations from the bybit team with respect to their security measures implored since the hack to further protect the exchange and stop any future attempt to do such again. Although they would likely not say anything or much about the new security features that have been put in place at least they will have to explain to the community to calm their patience, clear their doubt and regain their trust.
I don't think Bibyt's statements are very technical or deep. At most they will simply say that they have solved the problem and that something like this will not happen again. What they won't say is that they are testing their systems 100%, something that is theoretically done before launching an exchange, or is planned every X months to evaluate security levels. Although users have their funds and from now on will act as if nothing has happened, the problem lies in how long it will take until something similar happens again, on Bybit or any other exchange.
They can't express anything in detail because it affect their business since any data related to losing funds will simply add fuel to the fire. And for now they remained solid by covering the loss from other sources but definitely the one who hacked is not going to stop attempting to make it happen so it's really important for the bybit to survey their security mechanism of their cold wallets to avoid them end up doing the same.
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A significant portion of the stolen funds lie dormant in various addresses, often deliberately used by north korea sanctioned hackers. The Trader traitor cycle is moving quickly and has converted some of the stolen assets into bitcoin and other virtual assets that are scattered across thousands of addresses across multiple blockchains. I learned from a news report that the bybit community has already been able to recover about $40M. By now, it should be clear to everyone how dangerous it is to store funds in an exchange account, so as a small investor I always take funds as important.
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
Insider assumptions are always the thoughts of lay people. where as we know a financial platform must have significant security in terms of financial data, what's more, this is a big exchange, so the level of validity for insiders is 75%, the rest may be true, skilled hackers, but I don't know, only Bybit knows about this problem. we as outsiders can only watch how this case continues and hope that Bybit will improve security in each of its wallets
It seems that what you said is a reality that should be a guideline for a fairly large financial platform.
The role of insiders is very significant and cannot be denied, and it is natural that the % should be higher even though the rest could be hackers playing.
But wisely and, of course, so that investors who have been loyal there do not panic. Bybit claims to be able to overcome it all and that is something that deserves to be appreciated, but this problem will always be an unforgettable memory.
very grateful if bybit can overcome all this well, and the current bad market conditions are not due to bybit being hacked, it is clear from the economic conditions which are indeed not good and bad news about the relationship between sec and crypto maybe
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A significant portion of the stolen funds lie dormant in various addresses, often deliberately used by north korea sanctioned hackers. The Trader traitor cycle is moving quickly and has converted some of the stolen assets into bitcoin and other virtual assets that are scattered across thousands of addresses across multiple blockchains.
Do you know the reason why it seems burning up those cash or distributing them seems retarded? It's actually because of the volume else the funds would have long vanished in thin air. It's easier to monitor the funds and it's movement as a large chunk.
Splitting into smaller units makes it relatively more difficult for those monitoring the funds or coins to keep track of it. It's a matter of time though but I doubt they will recover it.
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A significant portion of the stolen funds lie dormant in various addresses, often deliberately used by north korea sanctioned hackers. The Trader traitor cycle is moving quickly and has converted some of the stolen assets into bitcoin and other virtual assets that are scattered across thousands of addresses across multiple blockchains. I learned from a news report that the bybit community has already been able to recover about $40M. By now, it should be clear to everyone how dangerous it is to store funds in an exchange account, so as a small investor I always take funds as important.
Yes, we have seen many crypto exchanges have been hacked already in the past, and we keep on telling crypto enthusiast not to store a lot of their cryptos in exchange because of this kind of hacks.
As for the funds, its' going to be a cat and mouse game as Bybit and the rest of the investigators are going to trace it and then on the other hand, Lazarus are going to launder it and hide their tracks.
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$1.4B is lost and the exchange is still solvent. ::) they're not even planning to recover lol
Of course, they will claim that they are still solvent. Some wrong statements could cause panic and mass withdrawal from their exchange, which would certainly affect solvency and a very possible bankruptcy.
Somehow I wouldn't be surprised if it turns out to be an insider theft.
Insider assumptions are always the thoughts of lay people. where as we know a financial platform must have significant security in terms of financial data, what's more, this is a big exchange, so the level of validity for insiders is 75%, the rest may be true, skilled hackers, but I don't know, only Bybit knows about this problem. we as outsiders can only watch how this case continues and hope that Bybit will improve security in each of its wallets
It seems that what you said is a reality that should be a guideline for a fairly large financial platform.
The role of insiders is very significant and cannot be denied, and it is natural that the % should be higher even though the rest could be hackers playing.
But wisely and, of course, so that investors who have been loyal there do not panic. Bybit claims to be able to overcome it all and that is something that deserves to be appreciated, but this problem will always be an unforgettable memory.
very grateful if bybit can overcome all this well, and the current bad market conditions are not due to bybit being hacked, it is clear from the economic conditions which are indeed not good and bad news about the relationship between sec and crypto maybe
Although we ourselves do not know what a bybit is like inside, it would be wiser for them to say that it is always safe and can be overcome so that investors are not afraid of losing.
Many factors cause the current market situation to be redundant. Maybe bybit is part of the trigger and there could also be other triggers that are common in crypto.
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This news was almost 1 month ago but the effect is still felt now and Bitcoin is having a hard time moving up from $82,000 to its all time high.
In detail, I don't really understand how this hack happened, but I feel like it's all very hard to understand because billions of USD were hacked so easily in the form of Ethereum coins.
It seems like there is a weakness in the ByBit system itself so that hackers are able to steal Ethereum from ByBit's cold wallet, and in essence this is bad news for the crypto market which has caused all crypto prices to plummet, including the price of Bitcoin itself.
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This news was almost 1 month ago but the effect is still felt now and Bitcoin is having a hard time moving up from $82,000 to its all time high.
In detail, I don't really understand how this hack happened, but I feel like it's all very hard to understand because billions of USD were hacked so easily in the form of Ethereum coins.
It seems like there is a weakness in the ByBit system itself so that hackers are able to steal Ethereum from ByBit's cold wallet, and in essence this is bad news for the crypto market which has caused all crypto prices to plummet, including the price of Bitcoin itself.
Not sure that the news of the Bybit or the Bybit hack incident is the reason for the current market bear, I don't think so and looking at the crypto market trends weeks back we all expect this current bear market as a major correction after the last all-time high, so for sure we should look above just a cold wallet hack and look at some provable elements that make up for this present market situation.
If the Bybit hack could affect the market, it should have been as immediate as possible and not weeks later besides no matter how low the market goes it is still above the previous all-time.
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This news was almost 1 month ago but the effect is still felt now and Bitcoin is having a hard time moving up from $82,000 to its all time high.
In detail, I don't really understand how this hack happened, but I feel like it's all very hard to understand because billions of USD were hacked so easily in the form of Ethereum coins.
It seems like there is a weakness in the ByBit system itself so that hackers are able to steal Ethereum from ByBit's cold wallet, and in essence this is bad news for the crypto market which has caused all crypto prices to plummet, including the price of Bitcoin itself.
I wouldn't say its effect is still there, more like uncertainty just engulfed the market overall.
No chain of events to support the bullish news that came and went out.
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This news was almost 1 month ago but the effect is still felt now and Bitcoin is having a hard time moving up from $82,000 to its all time high.
In detail, I don't really understand how this hack happened, but I feel like it's all very hard to understand because billions of USD were hacked so easily in the form of Ethereum coins.
It seems like there is a weakness in the ByBit system itself so that hackers are able to steal Ethereum from ByBit's cold wallet, and in essence this is bad news for the crypto market which has caused all crypto prices to plummet, including the price of Bitcoin itself.
~snip~
If the Bybit hack could affect the market, it should have been as immediate as possible and not weeks later besides no matter how low the market goes it is still above the previous all-time.
In conclusion, for now, we may have to be patient with the current market conditions that are slowly falling from the all-time high. We are also confident that the crypto market will rise again to the desired price, which is the all-time high that previously exceeded the price of 109,000 dollars.
Btw, the hacked Ethereum is unlikely to return to ByBit because it has been sent to various wallets and laundered by the hacker.
This news was almost 1 month ago but the effect is still felt now and Bitcoin is having a hard time moving up from $82,000 to its all time high.
In detail, I don't really understand how this hack happened, but I feel like it's all very hard to understand because billions of USD were hacked so easily in the form of Ethereum coins.
It seems like there is a weakness in the ByBit system itself so that hackers are able to steal Ethereum from ByBit's cold wallet, and in essence this is bad news for the crypto market which has caused all crypto prices to plummet, including the price of Bitcoin itself.
I wouldn't say its effect is still there, more like uncertainty just engulfed the market overall.
~snip~
It can also be said like that and I see now the crypto market has started to turn green, last week Bitcoin fell below 79,200 dollars and now I see it is around above 84,200 dollars.
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This news was almost 1 month ago but the effect is still felt now and Bitcoin is having a hard time moving up from $82,000 to its all time high.
In detail, I don't really understand how this hack happened, but I feel like it's all very hard to understand because billions of USD were hacked so easily in the form of Ethereum coins.
It seems like there is a weakness in the ByBit system itself so that hackers are able to steal Ethereum from ByBit's cold wallet, and in essence this is bad news for the crypto market which has caused all crypto prices to plummet, including the price of Bitcoin itself.
~snip~
If the Bybit hack could affect the market, it should have been as immediate as possible and not weeks later besides no matter how low the market goes it is still above the previous all-time.
In conclusion, for now, we may have to be patient with the current market conditions that are slowly falling from the all-time high. We are also confident that the crypto market will rise again to the desired price, which is the all-time high that previously exceeded the price of 109,000 dollars.
Btw, the hacked Ethereum is unlikely to return to ByBit because it has been sent to various wallets and laundered by the hacker.
The point at which the hack could affect the general crypto-currency market is when it get exchanged into fiat but as far as the funds still in the wallet regardless of where it is it will definitely act in advantage of the higher price liquidity against what most people speculated in recent market conditions.
ByBit have replaced the lost funds back to the hotel wallet and everything seems to be normal with the exchange without any customers noticing that a hack ever happened in first place.
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This news was almost 1 month ago but the effect is still felt now and Bitcoin is having a hard time moving up from $82,000 to its all time high.
In detail, I don't really understand how this hack happened, but I feel like it's all very hard to understand because billions of USD were hacked so easily in the form of Ethereum coins.
It seems like there is a weakness in the ByBit system itself so that hackers are able to steal Ethereum from ByBit's cold wallet, and in essence this is bad news for the crypto market which has caused all crypto prices to plummet, including the price of Bitcoin itself.
~snip~
If the Bybit hack could affect the market, it should have been as immediate as possible and not weeks later besides no matter how low the market goes it is still above the previous all-time.
In conclusion, for now, we may have to be patient with the current market conditions that are slowly falling from the all-time high. We are also confident that the crypto market will rise again to the desired price, which is the all-time high that previously exceeded the price of 109,000 dollars.
Btw, the hacked Ethereum is unlikely to return to ByBit because it has been sent to various wallets and laundered by the hacker.
The point at which the hack could affect the general crypto-currency market is when it get exchanged into fiat but as far as the funds still in the wallet regardless of where it is it will definitely act in advantage of the higher price liquidity against what most people speculated in recent market conditions.
It seems that yes, the hacked Ethereum has only been swapped to Bitcoin and not all of the Bitcoin has been exchanged to Fiat.
I think the hackers are still looking for the right moment to exchange all the Bitcoin to Fiat that was previously from Ethereum. Maybe the intention is not to rush so that it is more anonymous in terms of every transaction of the stolen assets.
ByBit have replaced the lost funds back to the hotel wallet and everything seems to be normal with the exchange without any customers noticing that a hack ever happened in first place.
Bybit's response was very fast and was able to back up funds lost due to hacking. I am sure that Bybit's assets are very numerous because they are able to provide a positive effect to its users, even though hacking had occurred previously.
https://coinmarketcap.com/rankings/exchanges/
Looking at the information from the Exchange ranking on Coinmarketcap, it is also natural that ByBit still has strong funds because it is included in the top 12 exchanges.
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The point at which the hack could affect the general crypto-currency market is when it get exchanged into fiat but as far as the funds still in the wallet regardless of where it is it will definitely act in advantage of the higher price liquidity against what most people speculated in recent market conditions.
ByBit have replaced the lost funds back to the hotel wallet and everything seems to be normal with the exchange without any customers noticing that a hack ever happened in first place.
They did what they could, but the damage was done regardless.
It's an interesting case, even though it didn't affect the overall sentiment that much (in my opinion). There is lots in the world happening currently that makes investors not run for their money.
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Bybit's response was very fast and was able to back up funds lost due to hacking. I am sure that Bybit's assets are very numerous because they are able to provide a positive effect to its users, even though hacking had occurred previously.
The fault wasn't with Bybit, but with the service they were using. Bybit rebounded strongly and quickly thanks to their internal strength and the help of the entire community. I really liked how the Bybit CEO interacted with the community during that difficult period.
Now, this event is rarely mentioned. Bybit has returned to normal operations, and few investors are worried that a large amount of ETH will be sold off in the market. As soon as ETH increases in price, everyone will FOMO again.
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Bybit's response was very fast and was able to back up funds lost due to hacking. I am sure that Bybit's assets are very numerous because they are able to provide a positive effect to its users, even though hacking had occurred previously.
The fault wasn't with Bybit, but with the service they were using. Bybit rebounded strongly and quickly thanks to their internal strength and the help of the entire community. I really liked how the Bybit CEO interacted with the community during that difficult period.
Now, this event is rarely mentioned. Bybit has returned to normal operations, and few investors are worried that a large amount of ETH will be sold off in the market. As soon as ETH increases in price, everyone will FOMO again.
As I saw, they also injected some stuff into the devs device, afterward, they switched parameters and voila, they are able to do anything with the funds.
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This news was almost 1 month ago but the effect is still felt now and Bitcoin is having a hard time moving up from $82,000 to its all time high.
In detail, I don't really understand how this hack happened, but I feel like it's all very hard to understand because billions of USD were hacked so easily in the form of Ethereum coins.
It seems like there is a weakness in the ByBit system itself so that hackers are able to steal Ethereum from ByBit's cold wallet, and in essence this is bad news for the crypto market which has caused all crypto prices to plummet, including the price of Bitcoin itself.
~snip~
If the Bybit hack could affect the market, it should have been as immediate as possible and not weeks later besides no matter how low the market goes it is still above the previous all-time.
In conclusion, for now, we may have to be patient with the current market conditions that are slowly falling from the all-time high. We are also confident that the crypto market will rise again to the desired price, which is the all-time high that previously exceeded the price of 109,000 dollars.
Btw, the hacked Ethereum is unlikely to return to ByBit because it has been sent to various wallets and laundered by the hacker.
Information about the Bybit hack clearly greatly affects the current movement. Even though, as Bybit said, it was able to handle everything well. I think this could be to provide peace of mind for investors so that there is no unrest that greatly affects the market later.
It could be that what was hacked cannot be returned, but it could be that there are some that can be repaired because of their internal problems and their internal problems can be resolved properly.
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Information about the Bybit hack clearly greatly affects the current movement. Even though, as Bybit said, it was able to handle everything well. I think this could be to provide peace of mind for investors so that there is no unrest that greatly affects the market later.
It could be that what was hacked cannot be returned, but it could be that there are some that can be repaired because of their internal problems and their internal problems can be resolved properly.
I don't see it affecting the market overall that much, due to it being resolved quickly and not escaled by any party involved.
We currently see the moves sideways which would eventually be broken - probably by the confidence enabled by some chain of events, where investors would start to pour the liquidity back in. At least that's how I see it.
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Information about the Bybit hack clearly greatly affects the current movement. Even though, as Bybit said, it was able to handle everything well. I think this could be to provide peace of mind for investors so that there is no unrest that greatly affects the market later.
It could be that what was hacked cannot be returned, but it could be that there are some that can be repaired because of their internal problems and their internal problems can be resolved properly.
I don't see it affecting the market overall that much, due to it being resolved quickly and not escaled by any party involved.
We currently see the moves sideways which would eventually be broken - probably by the confidence enabled by some chain of events, where investors would start to pour the liquidity back in. At least that's how I see it.
You could say that, and it's true that it has no effect, but I strongly believe that every piece of information has an impact on crypto, and it's hard to avoid, and it's just a matter of time, even if it's said there's no problem with it and no one can really explain it. I think investors are just holding on to the information and there's no ability to do anything while waiting for the next good news.
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Information about the Bybit hack clearly greatly affects the current movement. Even though, as Bybit said, it was able to handle everything well. I think this could be to provide peace of mind for investors so that there is no unrest that greatly affects the market later.
It could be that what was hacked cannot be returned, but it could be that there are some that can be repaired because of their internal problems and their internal problems can be resolved properly.
I don't see it affecting the market overall that much, due to it being resolved quickly and not escaled by any party involved.
We currently see the moves sideways which would eventually be broken - probably by the confidence enabled by some chain of events, where investors would start to pour the liquidity back in. At least that's how I see it.
You could say that, and it's true that it has no effect, but I strongly believe that every piece of information has an impact on crypto, and it's hard to avoid, and it's just a matter of time, even if it's said there's no problem with it and no one can really explain it. I think investors are just holding on to the information and there's no ability to do anything while waiting for the next good news.
Every information affects Crypto, moreover bad news is very bad on the Crypto market.
But it only has a short effect because the market will again take its role. And that's what I have been observed.
So a trader is always looking for news that will affect the cypto market because they choose short -term trading.
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Every information affects Crypto, moreover bad news is very bad on the Crypto market.
But it only has a short effect because the market will again take its role. And that's what I have been observed.
So a trader is always looking for news that will affect the cypto market because they choose short -term trading.
It is clearly evident that news has a significant effect on the price of crypto currencies especially in the short-run. Influence usually appears immediately new information, especially negative, which causes panic and then makes decisions instinctively. Nevertheless, it also always happen, and once the fluctuations leave the worst or the best, the market will be able to regain its footing. Such traders will always follow current events so that they can be in a position to grab them opportunities that are related to such a pattern. It is not unusual that they are searching for the kind of information that will give an indication of the likelihood of the next trend in price.
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Information about the Bybit hack clearly greatly affects the current movement. Even though, as Bybit said, it was able to handle everything well. I think this could be to provide peace of mind for investors so that there is no unrest that greatly affects the market later.
It could be that what was hacked cannot be returned, but it could be that there are some that can be repaired because of their internal problems and their internal problems can be resolved properly.
I don't see it affecting the market overall that much, due to it being resolved quickly and not escaled by any party involved.
We currently see the moves sideways which would eventually be broken - probably by the confidence enabled by some chain of events, where investors would start to pour the liquidity back in. At least that's how I see it.
You could say that, and it's true that it has no effect, but I strongly believe that every piece of information has an impact on crypto, and it's hard to avoid, and it's just a matter of time, even if it's said there's no problem with it and no one can really explain it. I think investors are just holding on to the information and there's no ability to do anything while waiting for the next good news.
Every information affects Crypto, moreover bad news is very bad on the Crypto market.
But it only has a short effect because the market will again take its role. And that's what I have been observed.
So a trader is always looking for news that will affect the cypto market because they choose short -term trading.
It's hard to avoid any information not to affect crypto both good or bad ones will always have an impact, but the impact is adjusted to the information situation at that time.
But usually, information that is not connected directly with crypto will be easily completed and sinked. Besides, there is indeed a direct relationship that can slow down the situation, but again, everything is usually able to be overcome and will return to normal besides the season is likely to be difficult to change.
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I don't see it affecting the market overall that much, due to it being resolved quickly and not escaled by any party involved.
i think it still affected crypto if not in price then in regulations
lots of exchanges may now be under scrutiny from customers and governments alike they are expected to not repeat what has happened to bybit though thankfully it was explained properly how the coins were stolen and bybit was able to cover the lost ones immediately so it did not scare off investors that much but they are still definitely on their toes
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i think it still affected crypto if not in price then in regulations
lots of exchanges may now be under scrutiny from customers and governments alike they are expected to not repeat what has happened to bybit though thankfully it was explained properly how the coins were stolen and bybit was able to cover the lost ones immediately so it did not scare off investors that much but they are still definitely on their toes
I think big exchanges can still be hacked any day, and it will be resolved in the same manner.
It's always a juicy target to choose, and it will affect the confidence of some people, but only in the short term.
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I don't see it affecting the market overall that much, due to it being resolved quickly and not escaled by any party involved.
i think it still affected crypto if not in price then in regulations
lots of exchanges may now be under scrutiny from customers and governments alike they are expected to not repeat what has happened to bybit though thankfully it was explained properly how the coins were stolen and bybit was able to cover the lost ones immediately so it did not scare off investors that much but they are still definitely on their toes
Any news at this time will always affect the movement of crypto, especially with the problem of bybits.
But how much can all of this be suppressed so that it doesn't become wild news and make investors afraid? Although the problem has indeed been suppressed well until now, the fear of it happening again and the protection that is done so that it doesn't happen again really needs to be found a solution so that it doesn't happen again and can be suppressed well.