ByBit hacked for 1.4Bln. Funds are Safu?

[Ruttoshi]

This is another warning to those that love keeping their funds in exchanges, don't say because the hack didn't affect the people that kept their funds in Bybit because they are big and become ignorant of this hack. Learn from other people experience and stories so that you don't learn in a hard way.

This is why there are self custody open source wallets to help you keep your bitcoin save. The money you keep in exchanges are just figures, until you have withdrawn it.

[TryNinja]

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.

Sam from FTX also said they had all the funds, how did that turn out?

It's an $1.4 billion hack, not exactly pocket change.

Everyone who has funds on ByBit should withdraw ASAP. Even if they aren't allowing any transactions right now, it's better to try than to be sorry if everything goes bananas.

[Joy- maker]

I just wish people we learn from this news, because leaving your assets in a centralized exchange is at your own risk, I we always preach that personal custody is the best and the key, learn from this news and get a wallet for safe storing of your assets.

[Wonder Work]

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.

Yeah, it seems normal for this to happen to those who have made the same mistakes in the past and failed to correct themselves.

An exchange that no one expected this from. They neglected it so much that hackers got the opportunity to hack it. The amount of money they have lost will be very difficult to recover from. Still, who knows if they will correct it from here.

[Charles-Tim]

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.

To be precise, ether was not stolen but ethereum related tokens that were stolen.

Ethereum price performance is normal with how bitcoin has been today. No effect. This time is different from the past. No effect on the market. Or should we say it has little to insignificant effect.

Do not expect any altseason. Altseason is 2024 and it has come and gone.

[Odohu]

Thank you @fillippone for sharing this important update because Bybit has become the most popular exchange in my country Nigeria for P2P trades following the suspension of such services in my county by Binance, Kucoin and Okex. This information is therefore important for us as it will help us stay out of the exchange for now until everything nomalizes even though most people save their assets in self custodian wallet and only use the exchange to buy and sell and not store assets.

Kindly permit me to translate this to our pidgin for the Nigerian community that may find this post very useful.

[Churchillvv]

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

Same little mistake again!

Yet we will have victims here just because they have been reassured by CEO's tweet that withdrawal status is save. Let's just stay guided but only those who will chose to be.
One of the bybit defenders said ZachXBT is just one of those guys who spread false news without proof and all I say is "Okay"....

Edit: Did I hear bybit calling the exchange account a Cold wallet? Maybe they have a cold wallet which was hacked and I will love to know the exact wallet they use 

Because literally how can someone call an exchange account with a backdoor a cold wallet 

[leonair]

~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.

Yes it was around $8 Billion.

Update:
Bybit reassures the FUNDS are SAFU.



No news of Bitcoin being lost right now.

SBF also made similar comments before bankruptcy  

[Nwada001]

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.

I also don't think it will get to that too for an exchange, which is speculated to be making an average of 8 figures annually, which I'm not sure how authentic that is, but I think the exchange should have more than enough money to cover up that loss if they really want to do that, but further traders will have to suffer for the loss as fees might be increased in order for them to meet up with that figure. back.

[PremiumcryptoHub]

It was once again proven how risky and foolish work to keep our resources in custodial wallet. I heard about the FTX hacked before, and recently saw that an important exchange like Bybit was hacked. It is mentioned that $1.4 billion was hacked, which is actually not a small amount. In fact it was one of the most popular exchanges to use P2P in my country, but it does not seem safe now. So we should be much more careful from now on.

It was recently published on Twitter that hackers from the Bybit exchange have already used 53 wallets.

[LogitechMouse]

---
Do not expect any altseason. Altseason is 2024 and it has come and gone.

Well, if that's the case then... I guess I should accept the fact that there will be no altcoin season this year then.
I'm still holding some altcoins and I'm waiting for the altcoin season to happen. It's the fault of "all of the meme coins" out there that are being created, and these stupid investors that are constantly focusing on these new meme coins rather than the established ones like Ethereum and other top altcoins.

As for what happened with Bye-bit, they didn't close the withdrawals and said that the funds are still SAFU, but nevertheless, it's still not a good sign for an exchange to be hacked with that huge of an amount. We're talking about a billion dollars here that's being hacked. It's good that they're a big exchange so they can just cover this huge amount of loss, but their reputation is heavily tarnished with this incident. Trust of investors and traders will be affected by this as well.

As many are saying, don't keep your assets on these CEXes unless you're ready to lose it just in case hacks like what just happened will happen and you unfortunately lose your assets.

[Churchillvv]

@fillippone I think someone published this news earlier on Altcoins discussion here BYBIT HACK - move your assets from bybit immediately.

Was thinking you should give him a little credit since this thread is more convenient and constructive people quite saw yours more while his already existed except I'm making a mistake.

[fillippone]

@fillippone I think someone published this news earlier on Altcoins discussion here BYBIT HACK - move your assets from bybit immediately.

Was thinking you should give him a little credit since this thread is more convenient and constructive people quite saw yours more while his already existed except I'm making a mistake.

He published his OP like 20 seconds before mine.
Rest assured that my OP took more than 20 seconds to edit.
Also I actually posted it on the WO, before realising this was serious enough to open a thread.
I have no problems with two concurrent threads.

[Wiwo]

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.

This incident will affect the general market in the coming days although Bitcoin and Ethereum seem to be bullish for that weekend and that could make the effect of this hack unnoticed, Bybit has lost a lot in the hack and hopes their leverage on this to improve their security.

Booffing accounts activities is one of the scariest attacks and hot wallets are the major targets, but in this case, even some customer's accounts witnessed the attack as there were unauthorized withdrawals from individuals' wallets.

[Alpha Marine]

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

Bold of you to think this will teach them anything. If people haven't learnt from the past, they won't learn from the present. Things like this have been happening for a very long time yet people still keep their coins in exchanges. People have the mindset that things like this won't happen to them or it won't affect them, till it actually happens.

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.

A hack is not as devastating as a crash. I believe the issue has easily been rectified. Something like this won't affect the market much because it's just the hack of an exchange, not like the exchange went out of business with their client's money. I think the market will be fine and it will be like nothing happened. 

[Charles-Tim]

Everyone who has funds on ByBit should withdraw ASAP. Even if they aren't allowing any transactions right now, it's better to try than to be sorry if everything goes bananas.

Withdrawal should be going successfully.

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.

I opened the exchange app and nothing changed yet. I wished to withdraw but I am having less than $1 worth of coins there. Not even from a single coins just the dust of several coins that I have converted to before on the exchange.

[albon]

That was the biggest hack in crypto history, as Bybit is one of the top exchanges in the market. It's good that Ben Zhou reassured the platform’s 50 million users through his tweets on X and the live stream [this] that was posted on Bybit’s official X account, which everyone can watch.  

I found someone who received his FTX payout after 2.5 years and was glad to get his money back, but he just deposited it into Bybit. LOL. I guess he will have to wait another two years as well . Unfortunately, with CEX platforms "not your keys, not your coins."


SOURCE: https://x.com/TaikiMaeda2/status/1892964171467153871

[tabas]

I've got some funds there and I can confirm that I was able to withdraw them successfully even some networks say that they're congested. It didn't took me a minute. Yesterday, Ben(CEO) just posted something about his thoughts on the PI network coin and then this has happened. Is it a coincidence? I don't know. The crypto world has always been this crazy.

I found someone who received his FTX payout after 2.5 years and was glad to get his money back, but he just deposited it into Bybit. LOL. I guess he will have to wait another two years as well . Unfortunately, with CEX platforms "not your keys, not your coins."


SOURCE: https://x.com/TaikiMaeda2/status/1892964171467153871

Is this for real? if this is real, I feel bad for that guy but I guess that he's able to withdraw his funds as bybit still allows to withdraw users funds. I hope that this is just a meme.

[LoyceV]

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.

So they're saying their cold wallet was attacked.... It sounds like they don't know what a cold wallet is. This isn't the first time shitcoin Ethereum had a "smart" contract that nobody except for the one they called "the attacker" understood. Why are people still using that crap? And why is Bitcoin's price still responding to shitcoin failures?

[Cookdata]

I just wish people we learn from this news, because leaving your assets in a centralized exchange is at your own risk, I we always preach that personal custody is the best and the key, learn from this news and get a wallet for safe storing of your assets.

Fun fact: People will continue to deposit money on centralized exchanges. In the history of loss of funds, there hasn't been any loss that comes close to the FTX hack that bled the market under 24 hours but look back to now, there have been numerous times hacks have happened, this is to tell you that people are very lazy when it comes to hold of funds in their personal wallet, don't want to keep funds on their own accord but on the exchanges where they get some goodie like simple APR or APY that are not significant in any form, some even used trading as an excuse but not all users that keep funds in the exchange are traders, just the comfort is what makes them do that most of the time.

I also don't understand why some of these hackers move funds from centralized changes, maybe I need to be taught about some extra money laundering lessons, there is no way you are going to move funds from any exchange and think you are safe, they will get you because analytical platforms have put all linked wallets on check, the people that hack funds from Binance some years ago are still moving around with the funds, no vendor wants to accept those coins neither the mixers nor any privacy protocols because they know it will get them into trouble, all these hacks are waste of liquidity in my opinion.