Bybit Hacker Moves Stolen Funds to Different Address

Bybit is an ETH/Bitcoin trading platform, and it is considered one of the biggest top cryptocurrency exchange platforms. It is similar to Binance and other bitconin or ETH trading platforms, where there are millions of people trading cryptocurrency and earning millions of dollars. There is almost a billion dollars in trade with cryptocurrency daily on these kinds of platforms, and many traders have to purchase different kinds of security software to protect their bitcoins from hackers and scams. Moreover, it shows that people have to purchase 3rd-party software to block hacks, and they do not trust these platforms to protect their ETH or Bitcoin.

Moreover, it is reported that yesterday there was a breach reported on Bybit, and it is being claimed that the hacker was successful in stealing 514,000 ETH, which is worth around US $1.43 billion, and it shocked all the platform users and even people who are using different kinds of other platforms to trade ETH or cryptocurrency were also shocked by the hack. Some of the users of the Bybit platform made sudden moves and withdrew their ETH.

The hacker was identified and claimed that he was called “0x47666…,” and he was traced by the authorities. However, it was reported that the hacker had already transferred around 400,000 RTH to different wallets, which is worth around US 1 billion dollars. Moreover, it was reported by Ember CM, which is the monitoring firm of ETH, that those who stole ETH were transferred to 49 different addresses, and each address received around 10,000 ETH.

Additionally, Bybit CEO Ben Zhou assured that his platform users ETH are safe because platform users' assets are backed on a 1:1 basis. He assured that whoever is using Bybit, their assets remain safe, and hacker incidents won't impact the platform users.