Bybit confirmed that its multi -Id cold wallet was violated, a few hours after the Crypto Exchange increased access to liquidity data for transparency.
Bibit CEO Ben Zhou Stated The hackers infiltrated the exchange (ETH) multi-cignature cold wallet, adding about $ 1.5 billion to Crypto. Breach was first flagged by the famous on-chain sleeve Zachsbet, which warned the public for a suspected withdrawal from the bibit.
Companies use multi-signature wallets to reduce single points of failure, as many parties should approve transactions. If a signator is compromised, other funds may refuse to authorize transfer. However, in this case, hackers managed to cheat all signators.
According to Jhou, the attackers masked a transaction to mislead the signs of the wallet. While the team believed that they were approving a legitimate address, they were inadvertently authorizing the change in the management of smart contracts, which were in the management of the Ath Cold Wallet of Bibit.
This allowed hackers to withdraw all ether and ether derivatives to an unknown address from the bibt wallet. The criminals began to swap the stolen funds for the atherium tokens on decentralized exchanges, ZachxBT said.
Zachxbt also said that hackers divided the stolen property at several addresses to get out of trekking. Blockchain investigator published a list of these addresses on its official telegram ChannelTo urge exchanges to blacklist them.
Meanwhile, Zhou assured users that Breach was separated for the breeze’s atherium cold wallet.
“Please be sure that all other cold wallets are safe. All withdrawal is normal, ”said Jhou.
The attack on 21 February may be the greatest exploitation against the single crypto exchange. In $ 1.46 billion, in 2024, the amount stolen in the amount stolen for more than 50% of the total crypto value.
This is a developing story.
