Bybit Hack: A $1.4 Billion Crypto Theft in 10 Days
A Big Surprise
Imagine this: hackers steal $1.4 billion in cryptocurrency from an exchange called Bybit. Now, that’s a lot of money! But here’s the shocking part – they managed to clean, or ‘launder’, all of it in just 10 days. This is like robbing a bank and turning the stolen money into clean cash in less than two weeks!
How Did They Do It?
The hackers found a way to trick the security system of Bybit’s offline wallet. Normally, you need more than one approval to move money from an offline wallet to an online one. But these clever hackers fooled the system and transferred all the Ethereum (around 400,000 ETH) to their own wallet without setting off any alarms![2][4]
What Happened Next?
When people heard about the hack, the price of Ethereum dropped from $2,823 to $2,685. That’s like losing some money when you hear bad news about your investments. But don’t worry, Bybit’s boss said they have enough money to cover any losses and they even started a hunt for the hackers![2][4]
How Did They Launder the Money?
Laundering $1.4 billion in 10 days is like trying to hide a huge, shiny treasure chest in a small room full of people. The hackers first moved the money to a main wallet, then spread it across 40 smaller wallets. They probably used a network of wallets and maybe even some secret exchanges to turn the stolen Ethereum into real money.[4][5]
What Can We Learn?
This big hack is a wake-up call for everyone using cryptocurrency. It shows us that we need to be really careful and always try to stay one step ahead of clever hackers. Exchanges like Bybit need to keep improving their security to protect our money. And maybe, next time something like this happens, we’ll be ready![2][5]
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Sources:
– www.nsoit.com
– www.fintechweekly.com
– www.morningstar.com
– www.spglobal.com