Bybit said it replenished its reserves following a $1.5 billion hack last week, the largest in the history of the crypto industry. In less than 72 hours, Bybit pieced together hundreds of thousands of ether tokens through a mix of emergency loans and large deposits. While the rapid recovery restored the exchange’s balance and kept customer withdrawals open, it did not account for the stolen crypto.
The breach occurred during a routine internal transfer, when Bybit was moving funds from its offline “cold wallet,” designed for secure, long-term storage, to a “warm wallet,” which enables active trading. During that transfer, hackers exploited security gaps, intercepting the transaction and redirecting the funds to an unknown address.
Read more…
Source: CNBC News
Related:
- CEO of Major UK-Based Cryptocurrency Exchange Kidnapped in Ukraine
December 27, 2017
Pavel Lerner, a prominent Russian blockchain expert and known managing director of one of the major crypto-exchanges EXMO, has allegedly been kidnapped by “unknown” criminals in the Ukranian capital of Kiev. According to Ukraine-based web publication Strana, Lerner, 40-year-old citizen of Russia, was kidnapped on December 26 when he was leaving his office in the center of ...
- New Android Malware Can Physically Damage Your Phone
December 18, 2017
Due to the recent surge in cryptocurrency prices, not only hackers but also legitimate website administrators are increasingly using JavaScript-based cryptocurrency miners to monetize by levying the CPU power of your PC to mine Bitcoin or other cryptocurrencies. Just last week, researchers from AdGuard discovered that some popular video streaming and ripper sites including openload, Streamango, Rapidvideo, and OnlineVideoConverter hijacks CPU cycles from their ...
- Hackers are scanning computers worldwide for open Bitcoin and Ethereum wallets…
November 27, 2017
Security researcher Didier Stevens setup a trap, or in digital security terms – a “honeypot”. Think of it as digital sting operation, where someone puts a server online open to attack – but nothing of value is really there, it’s only there to record the attacks as they happen. The logs of these honeypots revealed hackers ...
- An Army of Thousands of Hacked Servers Found Mining Cryptocurrencies
May 4, 2017
A new botnet consisting of more than 15,000 compromised servers has been used to mine various cryptocurrencies, earning its master around $25,000 per month. Mining cryptocurrencies can be a costly investment, as it requires an enormous amount of computing power, but cybercriminals have found an easy money-making solution. Dubbed BondNet, the botnet was first spotted in December ...