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February 22, 2025
at
12:00 am
EST
(Updated:
)
MIN READ
Bybit Exploited for $1.4B
Centralized exchange, Bybit, sees suspicious outflows of $1.5B worth of ETH, Lido Staked ETH (stETH), and Mantle’s mETH and cmETH tokens, after their ETH cold wallet was exploited.
Centralized exchange, Bybit, sees suspicious outflows of $1.5B worth of ETH, Lido Staked ETH (stETH), and Mantle’s mETH and cmETH tokens, after their ETH cold wallet was exploited. A total of 401K ETH, 90.4K stETH, 8,000 mETH and 15,000 cmETH were transferred out to the hacker, 0x476. The hacker then began transferring the tokens out to more than 40 fresh addresses, with stETH tokens sold off for ETH.
In the official statement put out by Bybit CEO, Ben Zhou, attributes the exploit to the signing of a fraudulent transaction via a phishing attack during a scheduled cold wallet migration. Fortunately, only the ETH cold wallet is affected and all other wallets remain secure. That said, users have reported delays in withdrawals from the exchange, especially on EVM networks.
Arkham
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