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Zhou assured the exchange’s users that no other wallet was compromised in the process. The hackers reportedly accessed the wallet by tampering with a transaction request sent to the signatory wallets that, once approved, modified the smart contract’s logic so that the digital assets contained in this storage were transferred to the criminal’s address.
Once the amount of the hack is confirmed by official sources from the exchange, the incident would rank as the largest heist involving a centralized exchange. The hacker has been spreading the funds across a significant number of wallets to make it more difficult for investigators to trace them.
Zhou confirmed that the exchange has the resources to cover this loss and assured investors that their account balance will not be impacted. Moreover, the CEO confirmed that all withdrawals are working normally.
However, early estimates from BitMEX Research claim that up to 75% of the ETH deposits held by Bybit users may have been lost in this incident.
Ethereum Sheds Early Gains After the News Broke
News of the hack virtually erased most of the gains that ETH had been experiencing throughout the day. Before the news broke, the token had booked a 3.3% gain in the past 24 hours. Meanwhile, its weekly gains stood at 5% before the incident as well.
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