Hackers managed to steal 401,347 ETH from Bybit’s chilly pockets, marking the biggest monetary cyberattack ever recorded. For context, this surpasses even the notorious $611 million Poly Community hack of 2021. However how did this occur?
The assault focused Bybit’s multi-signature Ethereum chilly pockets, which is meant to be ultra-secure. Throughout a routine switch to a heat pockets (used for every day operations), the hackers exploited vulnerabilities within the system. They used a masked consumer interface (UI) to trick staff into approving fraudulent transactions.
Think about signing off on what seems like a typical financial institution switch, solely to understand later that the cash went straight right into a thief’s fingers. That’s basically what occurred right here.