Hackers stole $1.4 billion from a crypto exchange

Cryptocurrency exchange Bybit announced that $1.4 billion worth of Ethereum (ETH) tokens were stolen as a result of a “sophisticated attack.”

It is reported that the attack was carried out from one of the offline wallets. According to experts, this is the largest theft in history, writes TechCrunch.

Bybit CEO Ben Zhou said that the hackers stole about 401,346 ETH, which at the time of the theft was about $1.4 billion.

According to Zhou, the attacker gained control of one of the company’s so-called cold wallets.

Such wallets are designed to store cryptocurrency offline, making them more secure from hacks.

However, the hacker managed to transfer funds to a “hot” wallet, which is connected to the Internet and is used for operational transactions.

According to analysts, this theft has become the largest in the history of the crypto industry.

Previously, the largest hacks involved Ronin Network and Poly Network, from which attackers withdrew $624 million and $611 million, respectively.

This incident may be the largest theft in history, including not only data breaches but also any other type of theft.

For example, before the attack on Bybit, the largest heist was considered to be the case of the Central Bank of Iraq, from which about 1 billion dollars were stolen.