Major ByBit hack: hacker drains $1.5bn in ETH

Cryptocurrency exchange ByBit has suffered one of the largest-scale cyberattacks in history. The perpetrator managed to steal $1.5bn in Ethereum, exploiting a complex scheme to conceal transactions.

How did the hacker manage to cover their tracks?

The criminal used a chain of convoluted transfers, which virtually eliminates the possibility of tracking the stolen assets. Experts speculate that the funds may have already passed through mixers and decentralised platforms that obscure their origin.

Exchange takes out loans but insists it remains solvent

The management of ByBit states that the platform continues to operate and that its financial reserves are sufficient to cover the losses even without the return of the stolen funds. However, according to some reports, the company is forced to take out loans to facilitate user withdrawals.

Users are complaining that withdrawals from the exchange are already unavailable.