Cyvers in the News

Bybit exploit exposes security flaws in centralized crypto exchanges

^{According to Meir Dolev, co-founder and chief technical officer at Cyvers, the attack shares similarities with the $230 million WazirX hack and the $58 million Radiant Capital hack.} Dolev said the Ethereum multisig cold wallet was compromised through a deceptive transaction, tricking signers into unknowingly approving a malicious smart contract logic change.

Breaking: Bybit Exchange Hacked; $1.5 Billion in Crypto Lost

According to major Web3 analytics firms like ^{Cyvers Alerts and Arkham Intelligence, the alleged hackers exploited over 401,346 ETH tokens worth over $1.1 Billion in value along with other assets.} The security breach follows an earlier $1.5 billion suspicious activity alert issued by blockchain security firm ^{Cyvers Alerts, which had flagged unusual transactions involving Bybit’s wallet.}

Breaking Bybit Reportedly Suffered a $1.5 Billion Hack
This was likely caused by blind signing while attempting to execute a legitimate transaction. From that moment, the hackers had full control over the wallet and no longer needed additional signatures. ^{This attack is very similar to those on WazirX and Radiant Capital,” Meir Dolev, Co-Founder and CTO of Cyvers, told BeInCrypto.}