Bybit Bit wallet hacked, hackers manipulate transfer mechanism

Cryptocurrency exchange Bybit recently experienced a highly sophisticated cyber attack, resulting in unauthorized access to its ETH cold Bit wallet. Bybit officials stated that the hackers used highly sophisticated attack methods to manipulate the ETH multi-signature cold Bit wallet transfer process, altering the signing interface to display the correct address, while the underlying smart contract logic was tampered with. Ultimately, the attackers successfully gained control of the cold Bit wallet and transferred the funds to unknown addresses.

Security team launches investigation, seeks help from Blockchain analysis experts

Bybit officials emphasized that the company has joined forces with experts and partners to thoroughly investigate the incident. Additionally, they have reached out to the industry, inviting Blockchain analysis teams with the capability to track fund flows to provide assistance in the effort to recover the assets as soon as possible.

Security expert Yu Xie stated that this appears to be a typical North Korean hacker tactic, leading to the multi-signature Bit wallet being compromised.

Bybit emphasizes user fund security, operations unaffected

Despite the hacker attack, Bybit has assured users and partners that all other cold Bit wallets remain secure, and all user funds are fully backed 1:1. The company's business operations are running as usual and have not been impacted. Bybit CEO Ben Zhou further emphasized that even if the losses from this hacker attack cannot be recovered, the company has sufficient financial reserves to fully bear the loss and ensure that user funds are not affected.

On-chain data: Over $1.4 billion in outflows!

Arkham reported that according to on-chain data, after the Bybit hack, the market has detected over $1.4 billion in ETH and stETH outflows, with some of the funds already being transferred to new addresses and sold. It is currently known that the attackers have sold approximately $200 million worth of stETH, further exacerbating market concerns about the Bybit incident.

Tracking the hacker's fund flows

• Hacker address: 0x47666Fab8bd0Ac7003bce3f5C3585383F09486E2
• Assets sold: $200 million in stETH
• Total outflows: $1.4 billion in ETH & stETH

Market observation: Ethena (USDe) may face indirect impact

Blockchain industry figure Yang Mindao stated that Bybit's approximately $1.2 billion Ethena (USDe) position may pose a challenge for the custodian. However, as of now, the USDe exchange rate does not appear to have been significantly affected, and the market is still observing future developments.

Bybit promises to maintain transparency, continue updating progress

Bybit reiterated that transparency and security have always been the company's core values. They will continue to update the investigation progress and ensure the safety of all user funds. As the Blockchain analysis team further tracks the hacker's fund flows, the market is also paying attention to Bybit's subsequent response measures and whether this incident will have a broader impact on the cryptocurrency market.