The famous crypto firm and exchange, Bybit, has been hit by possibly the biggest crypto theft in history. The Dubai-based company said that hackers managed to steal $1.5B worth of digital currency.
The attack, which was apparently carried out by North Korea’s Lazarus Group, was a highly sophisticated one. Perpetrators were able to intercept a transaction taking place from the exchange’s cold wallet to the warm one.
They manipulated the transaction’s signing interface and quickly diverted 401,000 $ETH to an unidentified address. Ironically, the breach affected Bybit’s cold wallet, which was designed to be extra secure.
Quite naturally, a cybercrime of this magnitude caused a stir in the larger crypto market. Ethereum fell by nearly 7%, whereas Bitcoin fell by 3%. Both the cryptos have, however, recovered at the time of writing.
Bybit CEO Offers Assurance
As news of the Bybit hack surfaced, customers flocked to withdraw their funds from the platform. The company is reportedly facing a ‘bank run’ worth $4B.
Ben Zhou, the CE ..
Support the originator by clicking the read the rest link below.
