Security News This Week: $1.4 Billion Stolen From ByBit in Biggest Crypto Theft Ever

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Security News This Week: $1.4 Billion Stolen From ByBit in Biggest Crypto Theft Ever

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Security News This Week: $1.4 Billion Stolen From ByBit in Biggest Crypto Theft Ever

^{Published on 2025-02-22 08:42:16 - Wired}

Plus: Apple turns off end-to-end encrypted iCloud backups in the UK after pressure to install a backdoor, and two spyware apps expose victim data
and the identities of people who installed the apps.

The article from WIRED discusses a massive cryptocurrency theft where hackers stole approximately $1.4 billion from Bybit, a Seychelles-based cryptocurrency exchange, marking it as the largest crypto theft to date. The breach occurred through a sophisticated attack exploiting a vulnerability in Bybit's hot wallet system, which holds cryptocurrencies online for immediate transactions. The hackers managed to siphon off a significant amount of Bitcoin, Ethereum, and other digital assets over several hours before the breach was detected. Bybit's CEO, Ben Zhou, confirmed the incident and stated that the exchange was working with cybersecurity experts and law enforcement to trace the stolen funds and enhance security measures. This event has raised concerns about the security of cryptocurrency exchanges and the inherent risks of digital asset storage, prompting calls for stricter regulations and better security protocols in the crypto industry.

Read the Full Wired Article at:
[ https://www.wired.com/story/1-4-billion-stolen-from-bybit-in-biggest-crypto-theft-ever/ ]

Contributing Sources

Wired

N@N

Security News This Week: $1.4 Billion Stolen From ByBit in Biggest Crypto Theft Ever