Discussion

• NullTX Will Izuchukwu on x

  Bybit Faces $1.5 Billion Hack: ETH Multisig Cold Wallet Compromised

• @orobharris Rob Harris on bluesky

  “BTC and ETH dropped more than 1.5% and 2%, respectively, following the transfers” [embedded post]

• @benbybit Ben Zhou on x

  Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from @safe . However the signing message was to change

• @bybit_official @bybit_official on x

  Bybit detected unauthorized activity involving one of our ETH cold wallets.  The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet.  Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing int…

• @benbybit Ben Zhou on x

  Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.

• @benbybit Ben Zhou on x

  @safe 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.

• @benbybit Ben Zhou on x

  Since the hack (10 hrs ago) , Bybit has experienced the most number of withdraws that we have ever seen, We have had a total number of more than 350k withdraws requests, so far, around 2100 withdraw requests left to be processed.  Overall 99.  994% withdraws have been completed. …

• @cz_binance @cz_binance on x

  @benbybit @safe 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. Good luck! 🙏

• @hasufl Hasu on x

  If you want my serious take 1. Bybit has way more than 1.4b of revenue per year. They are good for the money and will make all customers whole. 2. It doesn't matter for ETH because Bybit will honor customers's ETH liabilities and buy back the assets on open market.

• @mudit__gupta Mudit Gupta on x

  First recovery in the ByBit hack. ~$43m (15,000 cmETH) has been clawed back from the hacker. I saw the recovery possibility soon after the hack and SEAL connected me with Mantle/mETH team who made it happen. Huge shoutout to SEAL, Mantle, and mETH teams for their quick action.

• @ethena_labs @ethena_labs on x

  We are aware of the situation currently evolving with Bybit and are continuing to monitor developments. As a reminder: all spot assets backing USDe are held in off exchange custody solutions, including ByBit via Copper Clearloop for this precise reason. Not a single dollar of

• @cryptohayes Arthur Hayes on x

  .@VitalikButerin will you advocate to roll back the chain to help @Bybit_Official ?

• @zachxbt @zachxbt on x

  @pikachu_crypto @arkham Partial recovery is more common (15-30% in a good scenario?) but it'll also be a bit harder to launder $1.46B I think depending on how patient they are. For recent hacks Lazarus has mainly just been spamming funds to Chinese exchanges on different chains w…

• @jconorgrogan Conor on x

  Bybit appears to be processing withdrawals just fine after their hack They have $20B+ in assets on platform and their cold wallets are untouched. Given the isolated nature of the signing hack, and how well capitalized Bybit is, I don't expect there to be contagion [image]

• @kaiz3ns @kaiz3ns on x

  @cz_binance ... halt withdrawls will lead to fear..

• @0xcygaar @0xcygaar on x

  Basically the hacker was able to attack each signer's device to make the multisig UI show something different from what was actually signed. That's how they got the multisig to sign away the funds. Crazy stuff.

• @0xngmi @0xngmi on x

  This is a similar hack to WazirX and Radiant, where either signer's computers or intermediate interfaces got hacked imo the likely reasons for this hack are: - Hacker put some virus in computer/browser of signers, which replaced the transaction with a bad one before sending it

• @a1lon9 Alon on x

  @benbybit Very commendable response by your team, respect!

• @0xcygaar @0xcygaar on x

  idk how they knew the multisig signers, but this type of attack has happened in the past. requires identifying each signer and then getting them to unknowingly install malware so their multisig ui is compromised

• @gracybitget @gracybitget on x

  This is a tough situation, and we sincerely empathize with @Bybit_Official @benbybit . Security threats like this are a challenge for the entire industry, and we appreciate your transparency in handling it. If there's anything we can do to assist in tracking the stolen funds or

• @arthur_0x Arthur on x

  Props to @benbybit for the transparency in livestream but using Ledger cold wallet to sign a multsig wallet transaction to move billions for capital regularly is absolutely not the security best practice. It's probably sufficient for irregular movement of crypto assets up to 8

• @heyibinance Yi He on x

  @benbybit @safe We are here when you need .

• @benbybit Ben Zhou on x

  @SalsaTekila no, and most of the team member no sleep. still at it.

• @darkcryptolord @darkcryptolord on x

  @cz_binance ... please dont offer to buy them out... no matter what... getting ptsd 🤣🤣

• @justinsuntron H.E. Justin Sun on x

  @benbybit @safe We have been monitoring the Bybit incident very closely and will do our best to assist our partners in tracking the relevant funds, providing all the support within our capabilities.

• @jconorgrogan Conor on x

  Bybit has cleared its record withdrawal queue and still has $19.5B left in assets, down from just over $20B this AM. Looks like a nothingburger [image]

• @deltaxbt Delta on x

  welp thats why you withdraw funds first and ask questions later

• @cz_binance @cz_binance on x

  @KAIZ3NS ... 1.5 billion is fear enough. Better to be safe than sorry now.

• @martybent Marty Bent on x

  When you sacrifice simplicity for complexity in the name of functionality you get an insecure system. Bitcoiners have been warning about this since Ethereum launched. This isn't the first time something like this has happened and it won't be the last time. Never do mETH.

• @cryptodonalt DonAlt on x

  Whenever an exchange gets into hot water like this I withdraw first and ask questions later Worst case if you withdraw immediately? You have to re-deposit Worst case if you don't? Your shit is gone Rather be safe than sorry

• @divine_economy David Phelps on x

  crazy people keep saying crypto has no use case like they've never heard of crime before

• @litecoin @litecoin on x

  @benbybit @safe [image]

• @gauthamzzz @gauthamzzz on x

  The Bybit hack is officially the largest crypto heist in HISTORY. $1.46B+ stolen and still counting. That's 16% of ALL previous crypto hacks COMBINED. Here's what happened, what we know, and why this could change everything 🧵👇 [image]

• @adamscochran Adam Cochran on x

  Good comms and seems things have stayed stable and withdrawals processed. But this level of breach also means the team has to very seriously review their opsec, and replace all their hardware. Because this required a breach of every senior member of that team that has signing

• @nearcyan Near on x

  @benbybit @safe i like how in crypto you can steal over a billion dollars by getting someone to click a button and theres nothing they can do about it after they click the button except make a tweet saying sorry i clicked the button i wish i would not have clicked it

• @tradermayne Mayne on x

  @benbybit Really happy with the transparency and communication from the team. Being a victim of prior exchange snafus, cough cough FTX, this was a breath of fresh air. Team was responsive, withdrawals were processed quickly all things considered. The updates from you and the team

• @panamaxbt @panamaxbt on x

  This is the dumbest take about the Bybit hack I have seen, doing a roll back would be more bearish than the hack itself, repercussions are immense. Bybit has the reserves to make everybody whole, what people should be worried about is how the hack happened, as far as I know

• @0xracist Tony on x

  When the “Binance set to acquire ByBit” headline drops I'm gonna sell everything and fuck off for 2 years

• @functi0nzer0 Laurence on x

  I keep coming back to this: I truly don't believe there's the social cohesion or willpower in Ethereum to do this anymore The hardfork nearly killed Ethereum when it was much, much smaller Lets talk when it's 33% of all ETH at risk

• @trading_axe @trading_axe on x

  I promise you guys there have been exchange insolvencies prior to FTX that went completely unreported and nothing ever happened. FTX was an extreme case where SBF provoked CZ and CZ made a statement out of anger. Bybit isn't insolvent. Sure, withdraw your money and be safe

• @salsatekila @salsatekila on x

  @benbybit did you sleep at all tonight?

• @beausecurity Beau on x

  This ain't it. It sucks that the funds were stolen, but “rolling back the chain” defeats the purpose of decentralized, permissionless, and immutable systems. When you undo something that happened onchain, you tell future users that their actions could not matter.

• @lorenzofb Lorenzo Franceschi-Bicchierai on x

  NEW: Crypto exchange Bybit said it was hacked and suffered a loss of around $1.4 billion (~401,346 ETH) at the time of the hack. This breach is now the largest crypto hack of all time, and may well be the largest ever theft in general. https://techcrunch.com/...

• @0xgaut Gaut on x

  $27M clips leaving the wallets [image]

• @pythianism Vance Spencer on x

  Eth looks good here This is a game of price insensitive buyers Bybit will simply buy back higher

• @theflowhorse @theflowhorse on x

  Bybit immediately processing withdrawals by the way. Which is good to see. The really shitty thing about crypto is there is one open and permanent bug bounty on everything.

• @0xgaut Gaut on x

  everyone in crypto when we thought we'd have a peaceful Friday without a giant crisis [image]

• @devchart @devchart on x

  I was so ready for some shitcoins to finally start moving back up and the Bybit FUD/hack is about to send me back to Poverty Island... [image]

• @defisurfer808 @defisurfer808 on x

  Hype trading like they're about to get a ton of bybit business

• @byzgeneral @byzgeneral on x

  @0xFinish @Bybit_Official 1 day without a complete disaster, that's all I ask. Can we really not do even a single fucking day without a disaster.

• @cousincrypt0 Cousin on x

  There are two scenarios 1. You can't just wash 1.5 BILLION dollars - Funds are returned for a bounty fee 2. Bybit has to buy back 1.5 BILLION ETH [image]

• @wolfms_ @wolfms_ on x

  Bybit cold wallet security. [image]

• @langeriuseth @langeriuseth on x

  No one can disappear with $1.5B With $1.5B, you're among top 2,000 richest people in the world They may be smart for hacking Bybit, but the amount they're holding is massive Don't worry. They'll likely take a bounty and return the rest

• @ashcryptoreal @ashcryptoreal on x

  imagine Bybit rebuys $1.46 billion worth of ETH to give client assets back.

• @jacobkinge Jacob King on x

  JUST IN: Bybit CEO confirms the crypto exchange has been hacked, $1.4 billion $ETH and $stETH stolen. This is now the largest crypto exchange hack in history. [image]

• @bitbitcrypto @bitbitcrypto on x

  Imagine getting the FTX money and then losing it on bybit the next day

• @bitmexresearch @bitmexresearch on x

  Seems that around 75% of @Bybit_Official ETH user deposits have been stolen [image]

• @mdudas Mike Dudas on x

  that 2 hour euphoric period after the coinbase sec news and before the bybit multisig disaster felt terrific

• @spreekaway @spreekaway on x

  some people concerned about Ethena's 21% of funds potentially exposed to bybit. but its worth noting that (at least according to ethena), they dont keep collateral on the exchange but rather with a third party custodian and do periodic settlements of pnl. [image]

• @zhusu Zhu Su on x

  Finally got my FTX payout. It's been a long 2.5 years but glad to have the money back. Just deposited onto bybit, what are we longing?

• @cobie @cobie on x

  Bybit has to rebuy $1.4bn of ETH. It would be a shame if the price doubled.

• @0xfinish @0xfinish on x

  Seems that @Bybit_Official hot wallet just got hacked. Though, it's a multi-sign $1.5B worth of $ETH was withdrawn to the new address and is currently being sold More info below ⬇️ [image]

• @mdudas Mike Dudas on x

  good god [image]

• r/news r on reddit

  Bybit Hit by Crypto's Worst Hack With Almost $1.5 Billion Stolen

• r/technology r on reddit

  Bybit Says Wallet Hacked, With $1.5 Billion Estimated Loss

• @xantori-crypto @xantori-crypto on bluesky

  Trump tainted crypto, especially Bitcoin.

• @iamdcinvestor @iamdcinvestor on x

  Bybit gets hacked Ethereum community: “man, that sucks. custodians need to make sure they have proper procedures in place to avoid sophisticated attacks” Bitcoin Maxis and Solana devs: “HAVE YOU GUYS CONSIDERED JUST ROLLING BACK THE CHAIN? NO SERIOUSLY, I THINK YOU SHOULD”

• @muz_muzzles MUZ on x

  We want normies to invest in crypto. But the last month has been a terrible advert. Scams, hacks, and thefts. Normies are reading this by NYT 👇 There's one shining light, only one token that can save us $UFD I'm not joking 🦄💨✨️ #GoodAttractsGOOD https://www.nytimes.com/...

• @edwardlriche Edward L. Riche on x

  Limitless suckers https://www.nytimes.com/...

• @arkham @arkham on x

  BREAKING: BYBIT $1 BILLION HACK BOUNTY SOLVED BY ZACHXBT At 19:09 UTC today, @zachxbt submitted definitive proof that this attack on Bybit was performed by the LAZARUS GROUP. His submission included a detailed analysis of test transactions and connected wallets used ahead of [ima…

• @zachxbt @zachxbt on x

  @arkham TLDR myself and Josh from CF connected the Bybit hack on-chain to the Phemex hack

• @zerohedge @zerohedge on x

  The Korean have a decade to sell. Bybit has days to replenish

• @ercwl Eric Wall on x

  If you want to understand what happens to funds after they're stolen by North Korea/Lazarus Group, the Chainalysis 2022 report is great Step 1: Swap any ERC20s (like stETH) into ETH Step 2: Swap any ETH into BTC Step 3: Cash out BTC to cash (Chinese Renminbi) using Asian [image]

• @zachxbt @zachxbt on x

  @TheDeFISaint ... Nah doesn't help as much to know who it is when it's a nation state threat actor

• @thedefisaint Saint on x

  @zachxbt ... If this is successful, ZachXBT deserves more than this tbh. 50k Arkham is poor for such an incident like this.

• r/CryptoCurrency r on reddit

  North Korea's Lazarus Group responsible for Bybit hack resulting in losses of over $1.5 billion: Arkham