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In recent events unveiling, Crypto exchange Bybit was hacked leading to a loss of over $1.4 billion worth of cryptocurrency, including a lot of staked Ether. A security specialist in the person of ZachXBT discovered the hack. This big loss is making people worry about keeping their crypto safe on exchanges.

Bybit's CEO, Ben Zhou, said that hackers took advantage of a weakness in how the exchange keeps its crypto safe by tricking the system into thinking a bad transaction was okay, which in return allowed them to steal the money. WhalesAlert even took to X to tweet about the transaction;

_{Transaction details from etherscan}

Even though this happened, Bybit Cofounder and CEO says they still have enough money to cover for the loss. At least according to what the founder tweeted:

Arkham Intelligence has even gone ahead to place a bounty of 50k ARKM for details on the hacker or hackers which will be shared with the Bybit team, according to info gotten from their tweet about the incident:

This hack is a big deal, one of the largest in the world crypto exchanges. It caused the price of Ether to drop by 3%, showing how these kinds of security problems can shake up the whole market. It also reminds everyone that keeping crypto safe is still a big challenge being still being tackled till date.

Detailed info gotten from Cointelegraph

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Posted Using INLEO