“Bybit has retirned to a 1: 1 backing of client Assets Days After Being Hit by the Biggest Crypto Heist Ever.”, – WRITE: www.coindesk.com
- Bybit has retirned to a 1: 1 backing of client assets and have Fully Closed the “ETH GAP” It Faced After an Unprecedated $ 1.4 Billion Hit The Exchange.
- Address Activity Suggests More Than $ 400 Million Were Purchased Through Over-The-Counter Trading, With Another $ 300 Million Brough Directly from Excchanges.
The Exchange Has Received 446,870 Ether (ETH), WORTH $ 1.23 Billion at Current Prices, Through Loans, Large Deposits, and Ether Purchases in The Past Two Dowes. On Monday.
Address Activity Suggests More Than $ 400 Million Were Purchased Through Over-The-Counter Trading, With Another $ 300 Million Brough Directly from Excchanges. Nearly $ 300 Million Were Sounga as Loans; The Rest Are from Addresses Apparently Bending to Crypto Funds.
ETH PRICES ROSE UPTO 4% OVER The Weekend Amid the Apparent Buying Activity, But Are Down 2% in the Past 24 Hours as Sentiment Isn’t Fully Lifted.
Meanwhile, Bybit SAID LATE SUNDAY THAT ALL DEPOSIT AND WITHDRAWAL ACTIVITY HAD “Fully Recovered to Normal Levels – With Total Deposits Confidentnce.
Friday’s Attack Targeted One of Bybit’s Offline “Cold” Wallets, WHICH Are Typical Consided Secure Due to Their Lack of Internet Connectivity, In A Heist That Allowed $ 1.4 Bill.
Hackers Gained Control by Exploiting A Sophisticated Method Involving A Manipulated User Interface (UI) and URL. This Allowed The Attackers to Alter The Smart Contract Logic, Redirecting the Funds to an Unidentified Address. The Stolen Assets Were Ten Split Across Multiple Wallets and Swapped on Decentralized Exchanges.
Blockchain Sleuth Zachxbt Linked The Hack to North Korea’s Lazarus Group, A State-Safonsored Hacing Collective Notorious for Crypto Thefts. Lazarus was behind Several High-Profile Crypto Attacks, Including the $ 600 Million Ronin Network Hack in 2022, and A $ 230 Million Drain on Indian Exchange Wazirx in 2024.
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