ByBit hacked for 1.4Bln. Funds are Safu?

[Z_MBFM]

Update :

https://x.com/WatcherGuru/status/1892998882902110678?t=Idlpl2vbzmLWB326Wce5mw&s=19

Withdrawal pressure is having it showing now. and they are taking loan to cover withdrawal.

It seems that Bybit has become very weak. Bybit will not be saved from bankruptcy if withdrawal pressure increases. It will have an even more negative effect on bybit as it spreads the information about taking a loan. this is very critical moment for both Bybit and crypto.

[dkbit98]

That is crazy amount of coins stolen, and I already saw hackers started moving coins around.
Ben Zhou released sdeveral videos claiming there could be multiple reasons how this happened, and no matter what they will make sure all of their clients money is  safe 
I said it many times and I will repeat again... it is crazy for anyone to hold coins at any centralized exchange, people who continue doing that are not using their brain at all.

[LoyceV]

That is crazy amount of coins stolen, and I already saw hackers started moving coins around.

So no hard fork this time? I guess that only happens when the creator and his buddies lose their money.

[jstyler]

dude, 1.4bln stolen? that's insane! anyone else think this is a wake-up call for all exchanges to get their security acts together? no hard fork this time, thankfully!

[knowngunman]

Yes Bybit CEO confirmed it.

Bybit is likely going to be FTX. can Bybit Team take responsibility for this fund? If they can't take responsibility for it then it will have a big effect on the crypto market as a big exchange.

Bybit Bankrupt loding...... 

I just watched a video clip now where the founder says "even if they're not able to recover the stolen funds, it's not an issue because they have enough tokens to give their users and reassure their clients that their assets are completely safe".

Unfortunately, this statement is just a mere word. Right now, so many withdrawals are pending as people react to the incident by attempting to transfer out their assets.

Unless they're printing more funds as we speak now, that is just a story if they can't recover the lost assets and of course, their bankruptcy is imminent. I really feel sorry for them and hope they recover it ASAP.

[bias]

it is crazy for anyone to hold coins at any centralized exchange, people who continue doing that are not using their brain at all.

They believe that their coins are safe in an exchanger, plus that a lot of these tokens/ memes/ shitcoins don't even have a wallet. Not to mention that most CEX exchangers (if not all)  have a lot of "staking"/ "earning" options to convince people to lock their coins. Unfortunately, they realize the hard way that exchangers aren't wallets. However, this is a cold wallet theft...

[sokani]

That was the biggest hack in crypto history, as Bybit is one of the top exchanges in the market. It's good that Ben Zhou reassured the platform’s 50 million users through his tweets on X and the live stream [this] that was posted on Bybit’s official X account, which everyone can watch.

 
After FTX hack, they tried to reassure their customers that all funds were SAFU but later filed for bankruptcy. So Bybit's CEO statement is not enough. The smart thing to do is for users to get their funds out before they become insolvent.

I found someone who received his FTX payout after 2.5 years and was glad to get his money back, but he just deposited it into Bybit. LOL. I guess he will have to wait another two years as well . Unfortunately, with CEX platforms "not your keys, not your coins."


SOURCE: https://x.com/TaikiMaeda2/status/1892964171467153871

"Experience they say is the best teacher", but it seems this one is averse to learning. He obviously didn't learn his lessons from FTX bankruptcy. I hope he doesn't have to go through the same torture all over again.

[coolcoinz]

dude, 1.4bln stolen? that's insane! anyone else think this is a wake-up call for all exchanges to get their security acts together? no hard fork this time, thankfully!

Only if you value ether.

I'll give you an example. Let's say whole supply of milk in your city is stolen, but you're lactose intolerant and don't drink it anyway. Why should you care?

They could steal all the shitcoins in the world and I wouldn't shed a tear. They have to find buyers for all that to liquidate, unless they're planning to take all the doges and shibes into stores and exchange into large TVs and Lambos

Shitty exchanges where people make mistakes have always been the problem of this industry and I'm talking years after years.
Karpeles from Gox did not know how to secure his exchange and got hacked, then tried to hide it.
BTC-e was a money laundering service.
Quadriga CEO most likely faked his death and escaped with the money.
SBF was buying yachts and houses and gambled with deposits

If that doesn't tell you to stop holding money on exchanges I don't know what can be done. You're beyond help and on collision course with poverty.

[Cossyblack]

NEW ARKHAM INTEL BOUNTY: BYBIT HACK

We’ve created & funded a bounty to help identify the person or organization behind today’s >$1B Bybit hack.

Submissions to this bounty will be shared with the Bybit team to support their investigation.

Reward: 50K ARKM

X

BREAKING: BYBIT $1 BILLION HACK BOUNTY SOLVED BY ZACHXBT

At 19:09 UTC today, @zachxbt submitted definitive proof that this attack on Bybit was performed by the LAZARUS GROUP.

His submission included a detailed analysis of test transactions and connected wallets used ahead of the exploit, as well as multiple forensics graphs and timing analyses.

The submission has been shared with the Bybit team in support of their investigation.  We wish them all the best.



X

[Davidvictorson]

Earlier this week I noticed that their wallets were suspended. They said they were doing maintenance.I don't know if this could have been connected to it. I am not panicking for this reason - my funds aren't in any centralized exchange, yes by it included.  I feel like everyone should be alarmed even if the CEO is trying to do damage control.

[TryNinja]

So they're saying their cold wallet was attacked.... It sounds like they don't know what a cold wallet is. This isn't the first time shitcoin Ethereum had a "smart" contract that nobody except for the one they called "the attacker" understood. Why are people still using that crap? And why is Bitcoin's price still responding to shitcoin failures?

It seems they had a wallet which required a 2-of-2 signature to move funds, they saw the transaction details were (supposedly) right and confirmed it.

Of course it's not an 100% cold-airgapped process since the hackers managed to change the interface of the page where they check the transaction details (guess this was it: https://safe.global/wallet), making them confirm a bad transaction.

But that's not exactly a smart contract issue. You confirm the tx, the tx is sent.

[salad daging]

That was the biggest hack in crypto history, as Bybit is one of the top exchanges in the market. It's good that Ben Zhou reassured the platform’s 50 million users through his tweets on X and the live stream [this] that was posted on Bybit’s official X account, which everyone can watch.  

I found someone who received his FTX payout after 2.5 years and was glad to get his money back, but he just deposited it into Bybit. LOL. I guess he will have to wait another two years as well . Unfortunately, with CEX platforms "not your keys, not your coins."


SOURCE: https://x.com/TaikiMaeda2/status/1892964171467153871

Terrible, just woke up to hear that Bybit was hit by a large number of hacks, even so I remain calm because there are no assets stored on the exchange.

Unfortunately for that person, after waiting 2.5 years, it was deposited into Bybit which experienced the same incident, not the same but it is possible that Bybit will suspend for a long time for withdrawals.

Like a fool, it was deposited back to the exchange, not to his own wallet.

[Amphenomenon]

That is crazy amount of coins stolen, and I already saw hackers started moving coins around.

So no hard fork this time? I guess that only happens when the creator and his buddies lose their money.

I think they don't want to remember the public it's a centralized network but to be frank this is really much and I hope they really do something about it.

That was the biggest hack in crypto history, as Bybit is one of the top exchanges in the market. It's good that Ben Zhou reassured the platform’s 50 million users through his tweets on X and the live stream [this] that was posted on Bybit’s official X account, which everyone can watch.

After FTX hack, they tried to reassure their customers that all funds were SAFU but later filed for bankruptcy. So Bybit's CEO statement is not enough. The smart thing to do is for users to get their funds out before they become insolvent.

I found someone who received his FTX payout after 2.5 years and was glad to get his money back, but he just deposited it into Bybit. LOL. I guess he will have to wait another two years as well . Unfortunately, with CEX platforms "not your keys, not your coins."


SOURCE: https://x.com/TaikiMaeda2/status/1892964171467153871

"Experience they say is the best teacher", but it seems this one is averse to learning. He obviously didn't learn his lessons from FTX bankruptcy. I hope he doesn't have to go through the same torture all over again.

Ironic as it seems not your keys not your coins is a clear statement here. Anyway, I'm not disrupting the fact that this guy may know about all the need for having a non custodian wallet, after all, during the FTX crash the phrase not your keys not your coins were flying all around and a victim should have at least heard of it, but reading the guy speaking of longing, I would say he likely may be a trader and oftentimes traders would rather stick with CEX especially when using leverage like him. Although, I would just call this an unfortunate timing.

[Churchillvv]

Rumours claims hackers got gas fee from Binance...

Source not certified yet

[coinlary]

dude, 1.4bln stolen? that's insane! anyone else think this is a wake-up call for all exchanges to get their security acts together? no hard fork this time, thankfully!

Seriously dude do you really have to repet this.

Rumours claims hackers got gas fee from Binance...
Source not certified yet

It's still rumours but if true then that will be so dumb unless they are trying to wipe their ass by pinning it on a Binance account.

[$crypto$]

Earlier this week I noticed that their wallets were suspended. They said they were doing maintenance.I don't know if this could have been connected to it. I am not panicking for this reason - my funds aren't in any centralized exchange, yes by it included.  I feel like everyone should be alarmed even if the CEO is trying to do damage control.

Fortunately a few days ago withdrew assets from Bybit, this is only a small asset in the form of ETH so never keep assets so long on the exchange especially for long-term investment is terrible because the exchange is vulnerable like this --- it could be bankruptcy for Bybit.

Just checking the withdrawals it seems that Bybit has not suspended withdrawals despite losing a lot of assets due to this hack, have they met the reported loan for the need to withdraw user assets?

[Ojima-ojo]

Update :

https://x.com/WatcherGuru/status/1892998882902110678?t=Idlpl2vbzmLWB326Wce5mw&s=19

Withdrawal pressure is having it showing now. and they are taking loan to cover withdrawal.

It seems that Bybit has become very weak. Bybit will not be saved from bankruptcy if withdrawal pressure increases. It will have an even more negative effect on bybit as it spreads the information about taking a loan. this is very critical moment for both Bybit and crypto.

A few minutes ago I had some trading positions open on Bybits before I came to this forum and saw this, and with such a system from Bybit it means that funds are at risk and anyone that has money on that exchange should start wit drawing it now that it is possible, I know most bitcointalk users won't be victims of this already since they have background knowledge of the risk of storing your money on an exchange.


Make use of your wallet when your funds exceed anything around $50 and above, this is very imperative and a time to call ourselves to orders.

[Greyhats]

That is crazy amount of coins stolen, and I already saw hackers started moving coins around.

So no hard fork this time? I guess that only happens when the creator and his buddies lose their money.

I laughed out loud and nearly fell outta my chair hahaha goood one!!! 

[Bitcoin_Arena]

Just checking the withdrawals it seems that Bybit has not suspended withdrawals despite losing a lot of assets due to this hack, have they met the reported loan for the need to withdraw user assets?

Maybe it's at tactical move. If they decided to stop some withdrawals immediately, there would be a lot of panic that could lead to an FTX-like bank run. So trying to calm people down by pretending everything is alright despite the hack seems to be buying them some time for now.

$1.4Billion worth of user funds is a huge amount even for an exchange like Bybit. I am pretty sure that is going to affect them soon.

[Kavelj22]

This is not only bad news for Bybit or its users, but for the entire market. I expect prices to start falling to record levels that no one could have imagined since last November, the date of the beginning of the market recovery. Of course, the FTX scenario will not be repeated as happened in late 2022 because the lost amount is not large compared to the market value of Bybit, which is considered one of the most reliable platforms in the market and its value may exceed the value of Binance in the African market, especially in Nigeria, from which Binance withdrew, leaving the entire peer-to-peer market for Bybit.

The bright side of the story is a reminder once again of how dangerous it is to use centralized platforms for long-term storage. Anyone who has savings on any of the trading platforms should be aware that these assets are not safe.