Blockchain investigator ZachXBT has flagged suspicious outflows from Bybit, with over $1.46 billion in funds moving out of the exchange. The transactions, which involved mETH and stETH, were quickly swapped for ETH on decentralized exchanges (DEXs), raising concerns over a possible security breach.
The nature of the outflows was initially unclear, but ZachXBT later confirmed that his sources identified the event as a security incident.
As of 12:07 am, Bybit made the following statement:
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…
