BREAKING: Bybit Hacked for $1.4 Billion

Bybit, one of the leading centralized crypto exchanges, is reportedly facing a security attack. Meanwhile, initial estimates indicate losses of as much as $1.4 billion in ETH, and an investigation is still underway.

Following the security breach, Mantle’s native token, MNT, which has historical ties to Bybit due to the exchange’s early financial support, has witnessed a slight correction, trading at $0.92 at press time. Despite the incident, the token’s price movement remains relatively stable, suggesting that market participants are still assessing the full impact of the hack.

Bybit Suffers $1.4B Breach

Blockchain investigator ZachXBT reported that Bybit may have lost over $1.4 billion, citing unusual ETH withdrawals. The blockchain firm shared details of addresses receiving the funds, raising concerns about a potential exploit.

Bybit CEO Ben Zhou later confirmed an unauthorized transfer of ETH from the exchange’s cold wallets, attributing it to masked UI spoofing accounts. He assured users that other wallets remained secure and called on security teams to assist in tracking the stolen funds.

“I will keep you guys posted as more develops, If any team can help us to track the stolen fund will be appreciated,” Zhou tweeted.

Bybit Hack Sparks Transparency Questions

The reported Bybit hack has sparked discussions across social media, with many users comparing it to last year’s security breach at WazirX. Some have noted similarities in the attack vector, drawing parallels to the WazirX hack linked to North Korea. These comparisons have fueled concerns about exchange security and transparency.

Addressing the situation, Bybit’s CEO, Ben Zhou, took responsibility for the incident, assured users of a 1:1 asset backing, and confirmed the exchange could cover the losses. However, skepticism remains, as an X user responded to Zhou by likening the situation to WazirX’s July 18 hack and questioning the transparency of Bybit’s reserves.

“After WazirX’s July 18 hack, Nischal Shetty vanished. Where was his 1:1 reserve? Nowhere. Instead, $72M was secretly moved to Bybit,” TOOFAAN stated.