The post Crypto Market Turns Red As Bybit Exchange Loses $1.5 Billion In Massive Hack ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.

Advertisement &nbsp &nbsp Trouble in Paradise is an apt idiom to describe the current Bybit situation. A hacker took control of an Ether cold wallet on the centralized crypto exchange on Feb. 21, stealing roughly $1.5 billion in ETH-related tokens in the process. The enormous hack shook the crypto world, with top cryptocurrencies, including Bitcoin, Ethereum, Ripple’s XRP, and Dogecoin all nosediving. Bitcoin, the world’s largest crypto by market cap, is trading hands for $94,943 a 3.5% drop over the past day, while Ether’s price has dropped further — by 4.3% — and hovers at $2,631. Meanwhile, Ripple’s XRP has shed 6.7% of its value, currently priced at $2.52 at press time, while OG meme coin Dogecoin (DOGE) has plunged by circa 6.5%.  Bybit Hit By Colossal $1.46 Billion Hack Advertisement &nbsp On Friday, approximately $1.46 billion worth of Ethereum (ETH) and stETH were withdrawn from Bybit’s cold wallet, and a huge portion of these funds were then swapped on decentralized exchanges.  Bybit co-founder and CEO Ben Zhou confirmed the security incident in an X post, noting that a planned transfer was manipulated by bad actors, and the funds were siphoned. Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from @safe . However the signing message was to change… — Ben Zhou (@benbybit) February 21, 2025 “However, the signing message was to change the smart contract logic of our ETH cold wallet,” posited Zhou. “[The] hacker took control of the specific ETH cold wallet we signed and transferred all ETH in the cold wallet to this unidentified address.” Shortly afterward, Zhou reassured users and the broader crypto industry…

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Filed under: News - @ February 22, 2025 4:15 am