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**Breaking: Bybit Suffers Massive $1.4 Billion Hack**
In a shocking turn of events, cryptocurrency exchange Bybit has announced a massive hack involving approximately $1.4 billion worth of Ethereum (ETH) assets. According to sources close to the situation, hackers managed to infiltrate the platform’s cold wallet and gain control over a significant portion of ETH stored within.
It appears that the attackers exploited a vulnerability in the signing message, allowing them to alter the smart contract logic and gain unauthorized access to the ETH cold wallet. This enabled them to transfer all the assets held within it to an unknown address.
Notably, Bybit has assured its users that no other wallets have been affected by the hack, stating that only one of their cold wallets, specifically the ETH wallet, was compromised. The exchange is currently processing withdrawals as usual, while also confirming that they will remain solvent even in the event that they fail to recover the stolen funds.
The CEO of Binance, Changpeng Zhao, has responded to the incident by recommending a temporary halt on all withdrawals as a standard security precaution. He also offered his assistance to Bybit, acknowledging the severity of the situation.
As a result of this hack, the price of Ethereum (ETH) has taken a hit, plummeting by nearly 3%. The community is left in shock and uncertainty following this massive breach, and it remains to be seen how Bybit will recover from this incident.
Source: u.today
