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:
- DForce hacker returns $25m in ‘stolen’ crypto-currencies
April 21, 2020
A mystery hacker allegedly stole $25m (£20m) in crypto-currencies – and then returned the funds two days later. Records show that funds in a variety of crypto-currencies were withdrawn from the DForce platform based in China. A sum of $10m was taken in Ethereum, for example, while a further $10m was taken in digital coins tied to ...
- UK’s HMRC tax authority seeks tools to track down cryptocurrency criminals
January 31, 2020
The UK’s Her Majesty’s Revenue and Customs (HMRC) tax collection agency is asking for a blockchain analytics tool useful in the hunt for cybercriminals — and perhaps asset tax avoiders. In a project request posted last week, HMRC asked bidders to provide a tool that “will support intelligence-gathering methods to identify and cluster cryptoasset transactions into linked ...
- North Korean Hackers Behind $571M Crypto Heists Says UN Report
March 12, 2019
North Korean backed hacking groups were behind multiple cyberattacks impacting financial institutions and cryptocurrency exchanges as detailed in a report issued by a panel of experts for the United Nations (UN) Security Council. According to the report provided by the panel which comes as a confirmation of what security researchers have previously reported, “cyberspace is used by the DPRK as ...
- Demand for cryptocurrency skills surges, but lacks cyber security expertise
October 29, 2018
Trend Micro warns the lack of cybersecurity skills in cryptocurrency environments could be dangerous for firms. Demand for skills in cryptocurrencies is growing, but security expertise isn’t keeping up, leaving businesses open to attack, a report by Trend Micro has revealed. In the cryptocurrency world, businesses are seeking employees with a knowledge of blockchain, finance, Java, bitcoin ...
- Cryptocurrency mining virus spreads across Facebook Messenger
December 27, 2017
A virus that turns victims’ computers into a cryptocurrency miner without their knowledge is spreading across Facebook Messenger, security experts have warned. The malware, named “Digmine”, affects desktop versions of the app when running on a Google Chrome browser, according to researchers at Trend Micro. “If the user’s Facebook account is set to log in automatically, Digmine will manipulate ...
- 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 ...