ByBit hacked for 1.4Bln. Funds are Safu?

[fillippone]

Like the Meme,
Oh shit, here we go again.


When everything is finally going on the right way, the news about a shitcoin casino makes the round:

SOURCES CONFIRM BYBIT FACING SECURITY INCIDENT: ZACHXBT

Marked dumped  lot, more on the Shitcoins:



1 billion have already left the exchange.



Hacker Already market Sold 200M and then another 200M

Other funds are sliced over many other addresses.


Apparently the Hacker got control of a Cold wallet and hacked the logic to send funds to an address, while displaying another address in the UX.

	ByBit first Statement	Ben Zhou FirstStatement

Update:
Bybit reassures the FUNDS are SAFU.



No news of Bitcoin being lost right now.

[leonair]

Yes Bybit CEO confirmed it.

Bybit is likely going to be FTX. can Bybit Team take responsibility for this fund? If they can't take responsibility for it then it will have a big effect on the crypto market as a big exchange.

Bybit Bankrupt loding...... 

[Mia Chloe]

Bybit is a fairly big exchange just like binance is popular especially in African countries. Basically this post is another reminder for people that like to leave huge ton of liquidity and coins on exchanges including trying to hold their coins on an exchange. Multiple times topics like this has been raised on the forum to make more people understand the dangers of Hodling their coins on an exchange.

Everything still seems normal basically because Bybit is a big exchange. Else there is a very high chance that if this similar thing happened on a much smaller exchange they would likely close down temporarily which will make you hodling your coins there unable to access them.

[Ambatman]

Oh Boy, things are about to get dirty.
A wake up call to the disadvantage of keeping funds on exchanges.
A billion is quite alot and the issue is still ongoing
I don't think it would end up like FTX but would impact the market if nothing is done on time.
Confidence is shaken across the market
I won't be surprised if Binance starts posting and making claims of Safu.

[SmartGold01]

This is another bad news to the market and could cause a severe dump. Oh No!
After hovering around a specific price for long periods and, recently breaking out from 98k the market receive another affective news that could likely dump it again. $1.4b is large enough to cause panic in the market.

But wait, whenever an exchange hack experience what do we think about it, internal or external plot?

[Mrbluntzy]

This is so true, I quickly looked through my account to see if I lost my small balance on that exchange but It's still safe, next I have run to check on their x page and they already confirms it that and unauthorized transactions have taken place from their cold eth wallet.

Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic. As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.

Our security team, alongside leading blockchain forensic experts and partners, is actively investigating the incident. Any teams with expertise in blockchain analytics and fund recovery who can assist in tracing these assets are welcome to collaborate with us.

We want to assure our users and partners that all other Bybit cold wallets remain fully secure. All client funds are safe, and our operations continue as usual without any disruption.

Transparency and security remain our top priorities, and we will provide updates asap
https://x.com/Bybit_Official/status/1892965292931702929?t=d5hJdF9evYClfgTDiByA1g&s=19

A top tier exchange like bybit should really be careful enough to avoid this incident, they should have learned from the example of some other exchange that was back before now and that least to a lot of investors losing their funds. Because of this incidents, that's why I will never keep a big amount on the exchange.

[|MINER|]

Seriously man!

I just saw on a group, I thought they were just spreading the fud. And when I just check on their CEO official post and it was true.
Luckily, they didn't have a lunch pool right now, and that may have saved many users from this incident.
I had funds on this exchanger a few days ago, and I withdrew them from there last week.

However, this is another warning for us that we often run to the exchanges for launch pool hunting, even if it is for a short period of time, but we must remember that our funds are not secure there.

[Z_MBFM]

This is very sad news for crypto world. Because this exchanger was able to develop them very quickly. And here users have a huge fund. Bybit has stopped withdrawing USDT, ETH and several coins.But I have just NEAR withdrawn and received it.



I will no longer keep any funds on any centralized platform. After FTX, LUNA crash this is again big bad news

[tbct_mt2]

Oh shit, here we go again.

Bybit reassures the FUNDS are SAFU.

People don't want to learn from past lessons, from educational resources and they want to learn from their own experience. Worse they had own experience but did not learn any lesson from it, ignored past lessons and repeat mistakes.

Storing fund on centralized exchanges is never good practice.

Here we go again with this important warning
Reminder: do not keep your money in online accounts

[Perfectbaby]

Bybit has gained so much ground in our country Nigeria and Africa as a whole, and after the delisting of NGN/USDT on Binance platform bybit took its moves to take over the p2p market this including bitget. From my understanding bybit is rated as the most trusted exchange in Nigeria After Binance took its leave from the market, I strongly believe that hack is something that we can't predict when it should happened or not but sometimes when it comes people get shocked over the news and how it occurs. I believe this is something that may cause another dump but though it may not likely affect that much but it's already a red flag on the market.

It's very important to take off our assets from exchange if we know we are no longer trading or using them for anything. Not your key not your coin.

[KingsDen]

This is another bad news to the market and could cause a severe dump. Oh No!
After hovering around a specific price for long periods and, recently breaking out from 98k the market receive another affective news that could likely dump it again. $1.4b is large enough to cause panic in the market.

But wait, whenever an exchange hack experience what do we think about it, internal or external plot?

It is not going to affect bitcoin price. It was Ethereum they hacked and not bitcoin. The altcoins might suffer temporarily and this might affect or delay the anticipated altcoins season. Some of the funds would be recovered, especially if they try to convert it to centralized stable coins. Bybit is fairly a big exchange, I don't think this will affect the exchange.

Meanwhile, MS is planning to invest $2b in BTC, this news is trying to make the bitcoin market bullish.

[Lucius]

~snip~
No news of Bitcoin being lost right now.

In that case, I wonder what this hack has to do with Bitcoin?

~snip~
Bybit is likely going to be FTX.

Do you even know how much damage the FTX scandal caused compared to this hack? It's nowhere near that, nor will it have any impact on the market - $1.4 billion in shitcoins doesn't mean much these days.

[Wonder Work]

1 billion have already left the exchange.

Since the hackers have access to the cold wallet, they will completely destroy it. They will take as much money as they can from here.

Update:
Bybit reassures the FUNDS are SAFU.

No matter how much Bybit assures them, if they have access to the wallet, it will be very difficult to protect it.

There are technical problems outside about how an exchanger gets hacked. They are losing their money because they could not control their IT sector well. The IT sector of an exchanger can never be so normal. Finally, the hackers will destroy Bybit.....

[crwth]

Yes Bybit CEO confirmed it.

Bybit is likely going to be FTX. can Bybit Team take responsibility for this fund? If they can't take responsibility for it then it will have a big effect on the crypto market as a big exchange.

Bybit Bankrupt loding......  

I don't think it's going to be like FTX. Did you read the post? The CEO says they can cover the losses and take responsibility for it. Bybit is a good exchange, and I hope it won't be like FTX. It's tough to be in
 exchanges like that.

I know some traders who were trying to withdraw but cannot now.

[Hazink]

This hack is crazy and calm when the market was on its peak of recovery, according to the CEO. He said there is nothing to worry about, and he will be live on stream very soon to answer all questions that everyone might have to ask.

They also promise to have enough resources to cover up all customers funds even if they can't recover the money hacked, which is a bit relieving, but how true could that be, or are they just trying to control their panic with such statements? That amount might be less for exchanges as big as Bybit, but it's still a big amount of money.

[moneystery]

1.4bln usd is not a small number, it is very large, and hacking it from one of the big global exchanges, this is quite shocking news, because bybit is one of the big exchanges and has been operating in many countries, it is one of the trusted exchanges, but with an incident like this i think it will raise concerns about their security ... if they can't handle this problem i'm sure they will be abandoned by many of their users.

[jumptheramp]

ByeBit.

[virasog]

Yes Bybit CEO confirmed it.

Bybit is likely going to be FTX. can Bybit Team take responsibility for this fund? If they can't take responsibility for it then it will have a big effect on the crypto market as a big exchange.

Bybit Bankrupt loding...... 

I don't think Bybit is following the FTX ways. I guess the market markers wanted to accumulate some cheap bitcoins, and we saw the bitcoin dumped to around 97K but soon recovered or bought back. The news seems to have been created purposefully to liquidate some positions. This is just my assumption based on the price reaction to this news. Time will tell what the actual motive behind it was.

Hint: If we learn that Funds are SAFU in the coming days, believe me, it was manipulation by the exchange.  

[Hatchy]

This is another bad news to the market and could cause a severe dump. Oh No!
After hovering around a specific price for long periods and, recently breaking out from 98k the market receive another affective news that could likely dump it again. $1.4b is large enough to cause panic in the market.

But wait, whenever an exchange hack experience what do we think about it, internal or external plot?

This has nothing to do with bitcoin, did you read the news properly? It was an Eth cold wallet and bybit already have assured everyone that their other cold storage is safe. So there's nothing to panic about, neither would this unfortunate event have any effect on bitcoin market. We might be seeing a bullish sentiment soon on bitcoin, regarding the new purchase by the micro strategy
Well, these hacks cannot be fully prevented, so everyone should take the safety of their funds into their hands. Don't store funds on centralised systems, be your own bank...

[|MINER|]

~snip~
No news of Bitcoin being lost right now.

In that case, I wonder what this hack has to do with Bitcoin?

In the larger view and long term perspective, it has nothing to do with bitcoin.
But if we think about the short term, Bitcoin has already rejected touching 100k after the Bybit exchange was hacked. Currently, it has recovered from 97.1k and crossed 98k.
So long term trader has nothing to do with this news but who were the short term trader these should beware and take step carefully.