BREAKING: Bybit Reportedly Hacked as Over $1.4B in Crypto Drained

Bybit, one of the leading cryptocurrency exchanges, has reportedly suffered a major security breach, with over $1.4 billion worth of digital assets drained from the platform.

The incident was first brought to light by blockchain investigator ZachXBT, who revealed that large amounts of ETH, stETH, cmETH, and mETH have been moved out of Bybit wallets.

According to the findings, the attackers altered the smart contract logic, allowing them to gain unauthorized control and siphon off more than $1 billion in funds. The stolen assets are reportedly being swapped for ETH as the hacker seeks to launder the funds.

While Bybit has yet to issue an official statement regarding the breach, the scale of the outflow has raised significant concerns across the crypto community. Security experts are monitoring the hacker’s transactions as efforts to track and potentially recover the stolen funds continue.

READ MORE:

Coinbase CEO Announces SEC Case Dismissal, Calls It a Win for Crypto Industry

The breach adds to the growing list of security incidents affecting centralized crypto platforms, once again highlighting the risks associated with asset storage on exchanges. As investigations unfold, users are advised to exercise caution and review their security practices to safeguard their holdings.

Ben Zhou, ByBit’s CEO, also confirmed the security breach in a X livestream.

Alexander Stefanov