Bybit Hack: $1.4 Billion Breach

Bybit Loses $1.4 Billion in Phishing Attack

• Bybit lost over $1.4 billion in Ethereum (ETH) from a cold wallet due to a phishing attack.
• The attack involved swapping mETH and stETH tokens for ETH using a sophisticated scheme.
• On-chain analyst ZachXBT identified suspicious outflows totaling $1.46 billion.
• The attackers used a “musked” transaction to deceive Bybit’s team with a legitimate-looking interface.
• Only one cold wallet was compromised, and other wallets remain secure, according to Bybit.

Bybit confirmed the loss of over $1.4 billion in ETH from a cold wallet after an analyst flagged suspicious outflows totaling $1.46 billion, attributed to a phishing attack involving deceptive transaction techniques.