Cyvers in the News

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.}

Bybit hacked for $1.46B in Ethereum wallet security break

On-chain investigator ZachXBT noted a series of suspicious outflows from Bybit’s wallets. ^{Cyvers also noted abnormal activity from the Bybit wallets.} Previously, the exchange was also attacked by address poisoning unrelated to the current hack.

The exchange saw outflows of $1.46B for mETH and stETH, which is being swapped back into ETH through DEX.