How did the hacking to bybit for 1,000 million dollars happen?

Bybit Hack: CEO Details the Attack and Reassurance for Users

Ben Zhou, CEO and co-founder of cryptocurrency exchange Bybit, recently revealed crucial details about the major hack that led to the theft of over 400,000 ether, equivalent to $1 billion at the time.

In a live broadcast on X, formerly known as Twitter, zhou explained the sequence of events that unfolded, emphasizing the sophisticated nature of the attack. The hack occurred during a routine transfer of funds from BybitS cold wallet to a warm wallet. This transfer involved a multi-signature

What specific actions did Bybit take immediately after discovering the vulnerability to mitigate damage and protect user funds?

Exclusive Interview with Ben Zhou: Bybit CEO Details Clever Hack & Ensures User Security

Archyde News: Ben, thank you for taking the time to share your insights on the recent security incident at Bybit. To begin, could you walk us through the sequence of events that led to the unauthorized transfer of 4,000 ETH from your cold wallet?

Ben Zhou (BZ): Thank you for having me. The attack was indeed refined and well-coordinated. It happened during our routine transfer of funds from our cold wallet to a warm wallet for user withdrawal. This process involves a multi-signature setup, which typically ensures an extra layer of security. However, the hackers exploited a vulnerability, gaining access to our hot wallet and signing off on the transaction without authorization.

Archyde News: Can you elaborate on the nature of this vulnerability? And more importantly, how have you addressed and fortified your security measures to prevent such an incident in the future?

BZ: The vulnerability was incredibly clever. The hackers managed to gain control of one of the private keys associated with our multi-signature wallet, allowing them to initiate and authorize the transaction.Upon discovering the breach, we immediately froze the remaining funds and initiated our security protocols. As for rectifications, we’ve enhanced our key management infrastructure, implemented additional layers of access controls, and are continually stress-testing our security measures.

Archyde News: What message would you like to relay to Bybit users regarding the security of their funds and the steps you’re taking to restore their confidence in the platform?

BZ: Firstly, I want to assure our users that their funds are safe. No user funds were compromised as they are held in separate, secure wallets. We regret the incident and understand the concern it may have caused. We’re working tirelessly to recover the lost funds through our insurance and industry-wide collaborations. We’ve also improved our dialog channels to keep users informed about our progress.

archyde News: Lastly, considering this incident, what steps do you think the crypto industry should take to collectively enhance its security measures?

BZ: This incident underscores the need for the crypto industry to collaborate more closely on security. We should pool resources and share threat intelligence, and perhaps it’s time to consider industry-wide security standards. Regular audits, stress-testing, and clarity in security processes can greatly improve our collective resilience against such attacks.