Cryptocurrency Exchange BYBIT has experienced the biggest hack in encryption history and has lost more than $ 1.4 billion in liquid steak ether, mantle steak ETH and other ERC-20 tokens.
This attack says that even centralized exchanges with strong security measures are vulnerable to sophisticated cyber attacks.
Blockchain security analysts, including the Arkham Intelligence and Onchain Sleuth ZachxBt, have connected this attack with the North Korean support hacker organization.
Arkham has launched a bounty program that provides an Arkham (Arkm) token of about $ 31,500 to provide individuals or organizations responsible for violations.
Trezor’s analyst Lucien Bourdon told Cointelygraph, “This case reminds you that even the strongest security measures can be canceled by human errors.
Bourdon has approved the malicious transactions that produce encryption from one of BYBIT’s cold wallets by deceiving the signators using sophisticated social engineering technology.
BYBIT HACK has more than twice the size of a $ 600 million poly network hack in August 2021, which has been the largest violation of encryption exchange.
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BYbit Hack is connected to the blind signature exploit
According to Meir Dolev, co -founder and chief technical officer of CYVERS, this attack shares similarities with $ 230 million in Wazirx hacking and $ 58 million Radiant Capital Hack. Dolev said that the Ethereum Multisig Cold Wallet was damaged through a deal, so that the signer was unconsciously deceived to approve the logic of malicious smart contracts.
“BYBIT’s ETH Multisig Cold Wallet seems to have been compromised through a deal that is noticed to unconsciously approve the change of smart contract logic.”
This allowed the hacker to control the cold wallet and move all the ETH to an unknown address. ”Dolev told Cointelegraph.
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The $ 1.4 billion hacking hits the cryptocurrency industry, especially about half of $ 2.3 billion stolen in 2024 encryption hacking.
Encryption security firms such as CYVERS are taking preemptive measures to fight future attacks.
The new solution known as the offchain transaction value can prevent 99%of all encryption hacking and fraud by preemptively simulating and verifying blockchain transactions in the offChain environment, Cyvers’ GTM Strategy Vice President Michael Pearl I spoke to Cointelegraph.
https://www.youtube.com/watch?v=kp_t0gjs8kq
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