Has Bybit Actually Been Hacked with $1.4 Billion Crypto Lost? Fact Check

On Friday night, aggregate reports connected societal media channels suggested that Bybit, 1 of the world’s starring cryptocurrency exchanges, has suffered a large information breach resulting successful nonaccomplishment of adjacent astir $1.4 Billion worthy of crypto assets.

As quality spread, truthful did panic among investors regarding the information of their funds connected Bybit. Many connected societal media had made exaggerated claims regarding the alleged hackers draining the full wealthiness of Bybit exchange. So, The Crypto Times conducted a information cheque regarding Bybit speech getting hacked.

On X, blockchain information steadfast Cyvers Alerts initially flagged suspicious activity, noting antithetic transactions involving Bybit’s wallet estimating $1.5 cardinal successful stolen assets. Arkham Intelligence besides reported monolithic outflows, confirming that $1.4 cardinal successful ETH and stETH had been withdrawn from Bybit. The stolen funds are being moved to caller addresses, with $200 cardinal successful stETH already sold. 

Bybit Hack, Source: X

The hacker’s code has been identified arsenic “0x47666..” and tracking shows that $1 cardinal (400K ETH) has present moved to caller wallets from the archetypal hack address.

Also, Bybit’s CEO, Ben Zhou, confirmed the breach connected X, stating that astir $1.4 cardinal successful Ethereum (ETH) was stolen from 1 of the exchange’s acold wallets. 

The stolen funds are reportedly being moved to aggregate caller addresses, with portions already being sold connected decentralized exchanges. Despite the important loss, Zhou emphasized that Bybit remains solvent and that each lawsuit assets are backed 1:1.

Also Read: Breaking: Bybit Exchange Hacked; $1.5 Billion successful Crypto Lost