Crypto exchange Bybit is suspected to have suffered a massive hack involving over $1.4 billion in Ethereum, according to on-chain investigator ZachXBT.
The analyst reported significant outflows of ETH from Bybit, identifying multiple addresses receiving the funds. The incident has raised concerns over a potential security breach at one of the industry's largest exchanges.
Bybit later acknowledged an unauthorized transfer of ETH from its cold wallets, attributing it to masked UI spoofing accounts. However, the exchange assured users that its other wallets remained secure and that it was actively investigating the breach. This developing situation has sparked discussions within the crypto community about exchange security and potential vulnerabilities in centralized platforms.
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