In a concerning incident highlighted by COINOTAG News on February 21, Bybit CEO Ben Zhou disclosed a significant security breach involving the exchange’s ETH multi-signature cold wallet. Zhou revealed that approximately an hour prior to his announcement, a transaction occurred that misleadingly appeared as a routine transfer to their hot wallet. However, this was a result of a fake transfer, which tricked all signers into seeing an interface that matched the correct wallet address while the URL was from a legitimate Safe source.
The manipulation of the signature information effectively altered the smart contract logic governing the cold wallet, granting hackers unauthorized access. Consequently, they were able to redirect the entire balance of ETH to an unverified address. Zhou reassured users that all other cold wallets remain intact and confirmed that withdrawals are proceeding without interruption. He emphasized the need for collaboration from any teams capable of assisting in tracking the stolen assets and pledged to provide ongoing updates as the situation evolves.