Crypto Exchange Targeted in Record-Breaking Hack

Crypto currency exchange Bybit reported that a hacker stole $1.5 billion worth of digital tokens.

News reports stated that "the attack compromised Bybit's cold wallet, an offline storage system designed for security." Bybit CEO Ben Zhou said that a hacker gained access to the exchange's ETH multisig cold wallet and transferred all the ETH to an unidentified address.

Blockchain research firm Elliptic said the that "[i]nitial reports suggest that malware was used to trick the exchange into approving transactions that sent the funds to the thief." Elliptic said that heist "is almost certainly the single largest known theft of any kind in all time."

Mr. Zhou assured users that all other cold wallets were secure and asked for help from the crypto community in identifying the thief.