Massive Hack Targets Bybit: 514,000 ETH Stolen from Multi-Signature Cold Wallet

On February 22, COINOTAG News reported a significant security breach regarding Bybit’s multi-signature cold wallet for Ethereum. This incident resulted in the theft of approximately 514,000 ETH, valued at an astonishing $14.29 billion. Prompt analyses revealed that the hacker swiftly moved around 490,000 ETH across 49 separate addresses, each receiving roughly 10,000 ETH. Furthermore, there are indications that the perpetrator is in the process of unstaking an additional 15,000 cmETH. With the current unbonding period set at eight hours, the potential for interception during this timeframe remains uncertain. The ramifications of this breach extend beyond immediate losses, raising vital questions about the security protocols in place within the crypto trading ecosystem. Stakeholders are urged to revisit their security measures to mitigate future risks.