Bitcoin Forum

Crypto exchange Bybit loses $1.5 billion in record hack

Dubai-based cryptocurrency exchange Bybit was rocked on Friday by a devastating hack, with attackers making off with a staggering $1.5 billion in digital assets—marking the largest theft in crypto history.

In an online address, Bybit CEO and founder Ben Zhou moved quickly to reassure users, stating, "Your funds are safe," as the company launched an emergency response to mitigate the fallout. Bybit also confirmed via X (formerly Twitter) that it had initiated a refund program for those affected, promising full reimbursement to all impacted users. "Bybit is committed to protecting our community, and we will fully reimburse all impacted users," the company stated.

According to Bybit, the breach occurred when attackers exploited vulnerabilities in the platform’s security protocols during a transaction. This allowed them to gain access to an offline cold wallet that stored Ethereum. In the early hours of Friday morning, the hackers made off with 400,000 ETH, redirecting the funds to an unknown address.

The hack has sent shockwaves through the crypto community, raising fresh concerns about security in the increasingly deregulated space.

For more information/ source: https://www.binance.com/en/square/post/20639633785129

This is the fifth topic I am seeing about Bybit hack on this forum: https://bitcointalk.org/index.php?topic=5532906.msg65090671#msg65090671

What a big lost to Bybit. I must say that if they thoroughly investigate the hacking process there is every tendency that an insider of Bybit is associated with the hacking.
The hacking incident have tarnished the image of Bybit because many people will no longer have confidence in doing business with them but I think the move by Bybit CEO Ben Zhou to refund those affected is a good one because it will help to redeem the image of the company and as well restore the confidence of people to still consider them.

Forum is a big place, and since this is (afaik) a biggest crypto exchange hack ever, no wonder that threads are popping all over the place.

Question is, why are mods not locking them automatically when they see them? (apologies if they do  :P).

Sometimes, I did not report such threads because I see them all to be very important. But it is getting many because of my the reason you posted already. I noticed such threads(but not related to this one) that I have reported before are gotten deleted. So I think we are not reporting  it most probably the reason. If this is reported as a thread that has been existing before, it is possible that a moderator will delete the thread. That was what was done to the ones that I have reported before.