Bibit was misused with $1.4 billion worth of ETH, the CEO confirmed.
Despite the massive losses, Bybit remains a solvent and can cover the losses, Ben Zhou said in X’s post.
Bibit suffers from a big exploit, with hackers stealing more than $1.4 billion in ETH and stakering ETH.
Crypto Exchange CEO Ben Zhou Confirmed The hack via X on Friday noted that attackers took advantage of a vulnerability that allowed them to drain ETH cold wallets.
In the news of Hack, one of the biggest ever in the market, several crypto prices responded with low. Ethereum prices reduced some of its in-day profits, but the response remained largely stifled at the time of writing.
According to Bibit CEO, the exchange is a solvent
Bybit also posted an update detail Incident:
“Bybit detected fraudulent activity that includes one of our ETH cold wallets. This incident occurred when ETH Multisig Cold Wallet performed a transition to a warm wallet. Unfortunately, this transaction was manipulated by a sophisticated attack that hidden signature interfaces and displayed the correct address while modifying the underlying smart contract logic. As a result, the attacker gained control of the affected ETH cold wallet. , and was able to move that holding to an unidentified address.”
The exchange was hit by an attack, but Zhou said that the bibit is a “solvent” and that the exchange could cover these losses.
“Even if this hack’s loss hasn’t been recovered, Bibit is a solvent,” he said. Posted on x. “All client assets are betrayed one-on-one, so we can cover our losses.”
Several blockchain security platforms, including ZachxBT, and investigators said hackers have already begun to transfer funds to new addresses.
Meanwhile, blockchain intelligence company Arkham announcement The bounty of an ecosystem player seeks to reveal the hacker’s identity.
