$1,400,000,000 Drained From Crypto Exchange Bybit As Hackers Crack Ethereum (ETH) Contract Address: Arkham

The Singapore-based crypto exchange Bybit says it’s suffered a major security breach involving its Ethereum (ETH) cold wallet.

According to the crypto analysis firm Arkham, about $1.4 billion in ETH and stETH has been taken.

CEO Ben Zhou says the breach happened when an ETH transfer to a warm wallet was manipulated through a sophisticated attack.

“Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from safe.

However the signing message was to change the smart contract logic of our ETH cold wallet. This resulted Hacker took control of the specific ETH cold wallet we signed and transfered all ETH in the cold wallet to this unidentified address. Please rest assured that all other cold wallets are secure. All withdraws are NORMAL.”

The hackers are already moving and selling the funds, according to Arkham.

Bybit says it’s working with blockchain forensic experts to investigate and try to recover the stolen funds.

The hack will rank among the largest in crypto history, surpassing the $473 million hack of the early Bitcoin exchange Mt. Gox in 2014.

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