Massive ETH Withdrawal Triggers Market Chaos on BYBIT Exchange – BitRss

Recent news about a withdrawal of approximately $1.5 billion in ETH ($2,787.62) from the BYBIT exchange caused a swift downturn in the market. As BTC ($96,355.65) dropped to $97,000, investors who had nurtured hopes for recovery were left disappointed. The initial announcement came from the CEO of the company.

The BYBIT Hack Incident

While hacks of decentralized platforms have become common, they have typically avoided significant catastrophes for months. However, serious news surfaced today from BYBIT, one of the largest centralized cryptocurrency exchanges by volume. The CEO confirmed that a wallet had been hacked, assuring that other cold wallets remained secure. Although there is a potential loss of $1.4 billion, it does not seem substantial enough to lead to BYBIT’s collapse, which might allow the markets to rebound.

The CEO stated:

“Bybit’s ETH multisig cold wallet made a transfer to our hot wallet about an hour ago. This particular transaction appears to have been mixed, as all signers saw a mixed user interface indicating the correct address and the URL came from @safe. However, the signing message was intended to alter the smart contract logic of our ETH cold wallet. As a result, the hacker took control of the specific ETH cold wallet we si…