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Another day, another centralized exchange hack. Bybit’s ETH cold wallet was compromised through a sophisticated attack that masked the signing interface, leading to a major breach.
Once again, we’re reminded of the core flaw in CeFi: Trust us.
Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic. As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.
Our security team, alongside leading blockchain forensic experts and partners, is actively investigating the incident. Any teams with expertise in blockchain analytics and fund recovery who can assist in tracing these assets are welcome to collaborate with us.
We want to assure our users and partners that all other Bybit cold wallets remain fully secure. All client funds are safe, and our operations continue as usual without any disruption.
Transparency and security remain our top priorities, and we will provide updates asap
It is not 2017, we have the tools to make this a reality. No more blind trust. No more hoping security teams "catch it in time."
Users deserve systems where they control their assets—with transparency baked in.





