massive hack steals over 1 billion eth

[bitterguy28]

biggest story recently is how bybit a very big and popular crypto platform has been hacked and has been robbed off of ethereum since it was an ethereum wallet that has been compromised

this is more of the platform’s fault rather than the ethereum network bybit ensures that they can cover what was loss and their clients are safe however no one can withdraw eth from them yet

despite this being an overlook from the platform, it’s hard to look past how some people may want to sell their ethereums scared of potentially experiencing the same thing or being involved in this somehow I hope not as i do not see this as a sign to be scared since it was only this platform and if you don’t use any exchanges i think you will be fine

source: https://www.ledgerinsights.com/bybit-crypto-exchange-suffers-largest-ever-hack-of-more-than-1-billion/

[Mia Chloe]

biggest story recently is how bybit a very big and popular crypto platform has been hacked and has been robbed off of ethereum since it was an ethereum wallet that has been compromised.

The Bybit hack was a pretty surprising one and to be honest I really didn't expect it but what can we say you can't actually expect a hack most of the time. Anyways I came across the tweet on X where bybit CEO announced how those funds were moved from their ETH cold wallet via so sort of contract by the hacker.

The funds stolen from bybit and moved to an unknown address is quite a huge one and honestly if it happened to a smaller exchange they could end up even folding up.

[Rruchi man]

despite this being an overlook from the platform, it’s hard to look past how some people may want to sell their ethereums scared of potentially experiencing the same thing or being involved in this somehow I hope not as i do not see this as a sign to be scared since it was only this platform and if you don’t use any exchanges i think you will be fine

It is in our behavior for people to act first out of fear and then later reason it out. There are people who have already reacted to this news because of their emotional immaturity, and they've quickly sold off even though the platform that they had their ETH on was not the hacked one.

It is a better response to be transferring your etherium to a safer wallet that is not a centralized exchange than to respond in a manner of selling off the complete ETH you have.

[JISAN]

There is something wrong with your topic title that the hacker didn't hack 1 million ethereum.  $1.4 billion worth of Ethereum was hacked.  However, Bybit Authority has taken responsibility for this and it has been seen that various big companies will support bybit for this.  Therefore, this hacking issue did not have any major negative impact on the market.  And the price of ETH hasn't gone down too much.  Got a news that it was hacked by a Korean hacker and that hacker was detected by the FBI.  I don't know how true the news is.  But hopefully this hacking issue will not affect Bybit and crypto market too much.  The issue will be resolved before any major negative impact.

[joniboini]

it’s hard to look past how some people may want to sell their ethereums scared of potentially experiencing the same thing or being involved in this somehow I hope not as i do not see this as a sign to be scared since it was only this platform and if you don’t use any exchanges i think you will be fine

I'm not sure I get what you're trying to say here. Let's say I have 1 ETH and I want to sell it, why does this hack make me afraid that I'd get linked to the hacker? If I never interact with the exchange I don't think someone will claim I participated in this. Even if I got transactions from one of the suspicious addresses, I can argue based on my wallet history. I can also use dex or something similar if privacy is an issue.

Worrying that your money is unrecoverable makes more sense in this case, especially if you regularly use Bybit.

[philipma1957]

to op please correct your title. as there are not 1 billion eth coins stolen.

400,000 coins were stolen.

Most likely this is an inside Job.

But if another 1 or 2 exchanges suffer big eth losses maybe it is an eth code issue.

if it is an eth code issue we should know in a week or two.

If the exchange did this shame on them for having 400,000 coins in 1 hot wallet.

[LogitechMouse]

Re: massive hack steals over 1 billion eth

Maybe you want to change this OP to "1 Billion worth of ETH".
Whatever the case is, there's one lesson to this hacking incident. Don't store your assets on exchanges because you don't know when incidents like this can happen and what will happen after that,

The owner informed their users on X as soon as this happened, and many withdrew their assets on Bybit already. For sure, this will have a huge effect in terms of their reputation, but the good thing is that, they will make some adjustments with regards to their security... or will they??

[philipma1957]

Re: massive hack steals over 1 billion eth

Maybe you want to change this OP to "1 Billion worth of ETH".
Whatever the case is, there's one lesson to this hacking incident. Don't store your assets on exchanges because you don't know when incidents like this can happen and what will happen after that,

The owner informed their users on X as soon as this happened, and many withdrew their assets on Bybit already. For sure, this will have a huge effect in terms of their reputation, but the good thing is that, they will make some adjustments with regards to their security... or will they??

to claim or say that 400,000 coins are in a single wallet is stupid as sin.

time after time this happens.

[KingsDen]

to op please correct your title. as there are not 1 billion eth coins stolen.

400,000 coins were stolen.

Most likely this is an inside Job.

But if another 1 or 2 exchanges suffer big eth losses maybe it is an eth code issue.

if it is an eth code issue we should know in a week or two.

If the exchange did this shame on them for having 400,000 coins in 1 hot wallet.

This is the largest hack in cryptocurrency if I'm not mistaking. However, the impact that I expected from the hack didn't happen as severe as I thought. I thought this would drag the market so low. If this didn't bring bitcoin below 90k, it means that bitcoin has a very big support at 92k.

No one holds such amount in a hot wallet. The CEO stated it was in a cold wallet and the whole shit happened during contract signing of a thing.

[philipma1957]

to op please correct your title. as there are not 1 billion eth coins stolen.

400,000 coins were stolen.

Most likely this is an inside Job.

But if another 1 or 2 exchanges suffer big eth losses maybe it is an eth code issue.

if it is an eth code issue we should know in a week or two.

If the exchange did this shame on them for having 400,000 coins in 1 hot wallet.

This is the largest hack in cryptocurrency if I'm not mistaking. However, the impact that I expected from the hack didn't happen as severe as I thought. I thought this would drag the market so low. If this didn't bring bitcoin below 90k, it means that bitcoin has a very big support at 92k.

No one holds such amount in a hot wallet. The CEO stated it was in a cold wallet and the whole shit happened during contract signing of a thing.

okay so if it was a large contract botched they still had zero need to do all 400,000  coins in a single shot.

four payments of 100k from four wallets would have resulted in a loss of only 100k coins.

also since eth rolled back the chain to rescue stolen coins back in the day.

it seems to me they will need to consider rolling back coins again. or face massive lawsuit’s from the injured parties.