Bybit, a prominent cryptocurrency exchange, has reportedly suffered a significant security breach, resulting in the loss of $1.4 billion worth of ETH and stETH. Initial alerts were raised by cryptocurrency intelligence firm Arkham, which identified suspicious outflows exceeding $1 billion. The stolen funds are reportedly being moved to new addresses, with $200 million in stETH already sold.
Blockchain security firm SlowMist confirmed the exploit, sharing details of the hacker's addresses. Bybit CEO Ben Zhou acknowledged the breach, stating that a cold wallet was compromised, though other wallets remain secure. This incident underscores ongoing security vulnerabilities within the crypto exchange sector, raising concerns about asset safety and regulatory oversight.
Blockchain security firm SlowMist confirmed the exploit, sharing details of the hacker's addresses. Bybit CEO Ben Zhou acknowledged the breach, stating that a cold wallet was compromised, though other wallets remain secure. This incident underscores ongoing security vulnerabilities within the crypto exchange sector, raising concerns about asset safety and regulatory oversight.