Bybit official announcement: Over $1.5 billion in assets were stolen due to ETH multi-signature wallet transfer attack, reserve funds are strong, platform withdrawals and other services are operating normally

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MarsBit
02-22
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According to the news from Mars Finance, Bybit has officially released a detailed announcement regarding the previous asset theft incident: On February 21st at 20:30 Beijing time, Bybit detected unauthorized activities in its Ethereum cold wallet during a routine transfer process. This transfer was part of Bybit's official plan to move ETH from a multi-signature cold wallet to a hot wallet. Unfortunately, the transaction was manipulated by a sophisticated attack that changed the smart contract logic and hid the signing interface, allowing the attacker to take control of the ETH cold wallet. As a result, over 400,000 ETH and stETH worth over $1.5 billion were transferred to unknown addresses. The stolen funds: Over $1.5 billion worth of ETH and stETH. The main reason: Malicious manipulation of the transfer process in the planned routine transfer from the ETH multi-signature cold wallet. Bybit reiterates the following key points: All other cold wallets under Bybit remain secure, and customer funds are unaffected; beware of other scams. Although withdrawal requests have surged, the high request volume may cause delays, but all withdrawals are being processed normally, with 70% of the pending requests already handled. Bybit's reserve is strong and 1:1 backed, and all customer assets are fully secured, with related information available on the PoR webpage. Meanwhile, Bybit is collaborating with leading blockchain forensic experts to track the stolen funds and resolve the situation; its security team is investigating the root cause, with a focus on potential vulnerabilities in the Safe.global platform user interface that may have been exploited during the transaction process. Bybit's asset management exceeds $20 billion, and if necessary, it will use a bridge loan to ensure the availability of user funds. Bybit's platform and all other services, including trading products, cards, and P2P, are operating normally.

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