PCMag reports that hackers managed to pull off the largest cryptocurrency heist in history, looting an estimated $1.4 billion from the Bybit exchange:
The hackers compromised an offline “cold wallet” that stored Ethereum, stealing the 400,000 in ETH on Friday morning, Bybit CEO Ben Zhou told users in a live stream.
During the incident, the cold wallet was supposed to transfer funds to an online “hot wallet.” To execute the transaction, the cold wallet required approval from multiple private keys.
“Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic,” Bybit said in a tweet. “As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.”
Read more at MSN.
