Odaily reports that regarding the previous asset theft incident, Bybit has officially released a detailed announcement of the event for the first time: On February 21st at 8:30 PM Beijing time, Bybit detected unauthorized activity 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 Ethereum 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-sig cold wallet. Bybit reiterates the following key points: All other cold wallets under Bybit remain secure, and customer funds are unaffected; please beware of other scams. Although withdrawal requests have surged, the high request volume may cause withdrawal delays, but all withdrawals are being processed normally, with 70% of the pending requests already processed. Bybit has ample reserve funds with 1:1 backing, and all customer assets are fully secured, with related information available on the Proof of Reserves (PoR) page. 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, particularly focusing on potential vulnerabilities in the Safe.global platform user interface that may have been exploited during the transaction process. With over $20 billion in asset management, Bybit will use bridge loans if necessary to ensure customer funds are available. Bybit's platform and all other services, including trading products, cards, and P2P, are operating normally.