Bybit cold wallet hacked - 1.4Billion ETH moved!

[Findingnemo]

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

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?

[electronicash]

$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.

[examplens]

$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.

[SamReomo]

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.

[Stompix]

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 

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.

[Findingnemo]

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.

[Crypto Library]

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.

[TryNinja]

$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.

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...

[sampoerna]

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.

[Cryptsafe]

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"

[Z-tight]

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.

[Findingnemo]

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.

[KryptoBull]

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!

[Cryptsafe]

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.

[bhadz]

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.