The exchange continues to process withdrawals despite the hack
The popular cryptocurrency trading platform has allegedly lost $1.4 billion worth of ETH and some other tokens. that the attack likely involved using complicated phishing and spoofing techniques by displaying a compromised user interference to the signer.
This fake UI is usually a perfect visual replica of a legitimate interface. It is similar to a fraudulent scheme with fake ATM interfaces. As explained by the Bybit CEO, all the signers saw the musked UI, which showed the correct address and the URL from Safe.eth.According to Zhao, the hacker used the signing message to change the smart contract logic of the exchange's ETH cold wallet. This allowed them to take control of the specific ETH cold wallet it signed and transfer all ETH in the cold wallet to this unidentified address. Despite the hack, Bybit is currently processing withdrawals. The other cold wallets have not been affected, according to Zhou. "Bybit Hot wallet, Warm wallet, and all other cold wallets are fine. The only cold wallet that was hacked was ETH cold wallet. ALL withdraws are NORMAL.," Zhou said. Bybit has also confirmed that the exchange will remain solvent even if it fails to recover the lost funds. Meanwhile, Binance CEO Changpeng Zhao has recommended that the exchange temporarily halt withdrawals while also offering his assistance. "Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed," Zhao said. REDLINE LAB Announces Strategic Investment in Dojo Coding to Accelerate Web3 Talent Development in Latin America
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