u.today
Bybit CEO Ben Zhou has confirmed that the exchange's Ethereum (ETH) cold wallet has been compromised.
The popular cryptocurrency trading platform has allegedly lost $1.4 billion worth of ETH and some other tokens.
Roughly $200 million worth of stETH has been swapped on the open market for ETH.
The transaction was musked, meaning all the signers saw the musked UI which showed the correct address and the URL was from Safe.eth.
According to Zhao, the hacker used the signing message to change the smart contract logic of the exchange's ETH cold wallet. This allowed them to take control of the specific ETH cold wallet it signed and transfer all ETH in the cold wallet to this unidentified address.
Despite the hack, Bybit is currently processing withdrawals. The other cold wallets have not been affected, according to Zhou.
"Bybit Hot wallet, Warm wallet, and all other cold wallets are fine. The only cold wallet that was hacked was ETH cold wallet. ALL withdraws are NORMAL.," Zhou said.
The price of Ethereum (ETH) has plunged by nearly 3% on the news.