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Major Hack at Bybit: $1.4 Billion in Ethereum Stolen
In a shocking development for the cryptocurrency world, Bybit, the third largest cryptocurrency exchange worldwide, has confirmed a substantial hack, reportedly amounting to approximately $1.4 billion in Ethereum. This incident has raised numerous questions about the security of centralized exchanges and their ability to protect user funds.
The hacking incident resulted in the theft of around 70% of the Ethereum held in the affected cold wallets. Bybit’s CEO, Zhao, emphasized that only the exchange’s cold wallet was compromised, allowing normal withdrawals for users whose assets were not stored there. However, the situation has led to a spike in withdrawal requests, further fueling concerns within the crypto community.