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💻 $1.46 Billion in cryptocurrency and counting at 16% of all previous crypto hacks combined in the biggest hack officially happened yesterday. 1.371 billion stolen on Bybit.
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TIMESTAMPS:
00:00 $1.46 Billion Dollars stolen in the largest crypto hack in history.
00:43 Crypto updates
00:52 Wanted by the FBI
01:18 CEO Ben Zhou's clip
03:00 Ben Zhou's Tweets
04:09 Bybit exploit exposes security flaws
05:15 Pre transaction simulation
05:50 Altcoins update
06:25 Bitcoin update
07:37 Altcoin Season starting now?
08:32 Join the course & VIP group
✅ Bybit exploit exposes security flaws in centralized crypto exchanges
The $1.4 billion hack was caused by similar attack vectors as the $230 million WazirX hack and the $58 million Radiant Capital hack, according to Cyvers.
Cryptocurrency exchange Bybit has suffered the largest hack in crypto history, losing more than $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other ERC-20 tokens.
The attack highlights that even centralized exchanges with strong security measures remain vulnerable to sophisticated cyberattacks, analysts say.
Blockchain security analysts, including Arkham Intelligence and onchain sleuth ZachXBT, have linked the attack to Lazarus Group, a North Korean-backed hacker organization.
“This incident is another stark reminder that even the strongest security measures can be undone by human error,” Lucien Bourdon, an analyst at Trezor, told Cointelegraph.
Bourdon explained that attackers used a sophisticated social engineering technique, deceiving signers into approving a malicious transaction that drained crypto from one of Bybit's cold wallets.
The Bybit hack is more than twice the size of the $600 million Poly Network hack in August 2021, making it the largest crypto exchange breach to date.
Bybit hack linked to blind signing exploit
According to Meir Dolev, co-founder and chief technical officer at Cyvers, the attack shares similarities with the $230 million WazirX hack and the $58 million Radiant Capital hack. Dolev said the Ethereum multisig cold wallet was compromised through a deceptive transaction, tricking signers into unknowingly approving a malicious smart contract logic change.
“It seems that Bybit’s ETH multisig cold wallet was compromised through a deceptive transaction that tricked signers into unknowingly approving a malicious smart contract logic change.”
Source: https://cointelegraph.com/news/bybit-hack-centralized-exchange-security-flaws
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