The post $1.44 Billion in Cryptocurrencies Stolen appeared on BitcoinEthereumNews.com.

According to the initial analyses conducted by the blockchain analytics company Nansen, the total amount of the attack against Bybit is equal to $1.44 billion. The cryptocurrency sector has been shaken by an unprecedented cyber attack against Bybit, one of the largest exchanges in the world. The initial investigations have revealed the movement of the stolen funds, which include: 401.347 ETH (~$1.12 billion) 90.376 stETH (~$253.16 million) 15,000 cmETH (~$44.13 million) 8,000 mETH (~$23 million) Funds Analysis: the analysis of the attack by Bybit After the theft, the funds were initially moved to a main wallet: 🔹 Main Wallet: 0x47666fab8bd0ac7003bce3f5c3585383f09486e2 From this address, the hackers quickly distributed the funds to over 40 secondary wallets, using different strategies to complicate the tracking. Some of the key wallets used by the attackers: 0xa4b2fd68593b6f34e51cb9edb66e71c1b4ab449e 0x36ed3c0213565530c35115d93a80f9c04d94e4cb 0x1542368a03ad1f03d96D51B414f4738961Cf4443 Analysis compared with other attacks on crypto exchanges The hack of Bybit adds to the list of significant attacks that have hit crypto exchanges over the years. Similar events have often had direct repercussions on the market and on investor confidence. Mt. Gox Hack (Feb 2014): Bitcoin lost 50% of its value, dropping from $600 to $300 in a few months. Bitfinex Hack (Aug 2016): Bitcoin experienced a temporary drop, but it quickly recovered. NiceHash Hack (Dec 2017): Occurred during the market peak, it contributed to the subsequent downtrend. Coincheck Hack (Jan 2018): It accelerated the descent of Bitcoin to $3,000 by the end of the year. FTX Collapse (Nov 2022): Marked the bottom of the crypto market, with a recovery only in 2023. Conversion and Distribution of Cryptocurrencies One of the critical steps was the conversion of the stolen assets. The attackers converted all stETH, cmETH, and mETH to ETH before distributing the funds in tranches of $27 million across more than 10 different wallets. Wallet…

---

Filed under: News - @ February 21, 2025 8:20 pm