On Friday night, multiple reports on social media channels suggested that Bybit, one of the world’s leading cryptocurrency exchanges, has suffered a major security breach resulting in a loss of near about $1.4 Billion worth of crypto assets.
As news spread, so did panic among investors regarding the safety of their funds on Bybit. Many on social media have made exaggerated claims regarding the alleged hackers draining the entire wealth of the Bybit exchange. So, The Crypto Times conducted a fact check regarding the Bybit exchange getting hacked.
On X, blockchain security firm Cyvers Alerts initially flagged suspicious activity, noting unusual transactions involving Bybit’s wallet estimating $1.5 billion in stolen assets.
Arkham Intelligence also reported massive outflows, confirming that $1.4 billion in ETH and stETH had been withdrawn from Bybit. The stolen funds are being moved to new addresses, with $200 million in stETH already sold.Â
The hacker’s address has been identified as “0x47666..” and tracking shows that $1 billion (400K ETH) has now moved to new wallets from the original hack address.
Also, Bybit’s CEO, Ben Zhou, confirmed the breach on X, stating that approximately $1.4 billion in Ethereum (ETH) was stolen from one of the exchange’s cold wallets.Â
The stolen funds are reportedly being moved to multiple new addresses, with portions already being sold on decentralized exchanges. Despite the significant loss, Zhou emphasized that Bybit remains solvent and that all client assets are backed 1:1.
Also Read: Breaking: Bybit Exchange Hacked; $1.5 Billion in Crypto Lost
