Cryptocurrency exchange Bybit on Friday revealed that a "sophisticated" attack led to the theft of over $1.5 billion worth of cryptocurrency from one of its Ethereum cold (offline) wallets, making it ...
Read Full Article »Bybit Confirms Record-Breaking $1.5 Billion Crypto Heist in Sophisticated Cold Wallet Attack
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Summary
Bybit has suffered the largest single crypto heist in history, with over $1.5 billion worth of cryptocurrency stolen from an Ethereum cold wallet. The attack involved manipulating a multisig transfer between cold and warm wallets.The incident highlights the need foobust security measures to protect against sophisticated threats.
Bybit's mistake serves as a wake-up call for the industry to review and strengthen its protocols.r Investors must take proactive steps to secure their funds, such as using reputable exchanges with robust security measures and keeping their wallets updated with the latest security patches.