Bybit Suffers $1.46B in Suspicious Outflows: Largest Crypto Hack Ever?

Cryptocurrency exchange Bybit has reported $1.46 billion in suspicious outflows, according to blockchain investigator ZachXBT. A wallet transferred 401,346 ETH ($1.1 billion) and various staked ETH (stETH) to a new wallet, which is now liquidating assets on decentralized exchanges, according to Etherscan. Around $200 million worth of stETH has already been sold. Bybit CEO Ben Zhou confirmed the hack on X, stating that a hacker gained control of a specific ETH cold wallet. He assured users that other wallets are secure and withdrawals are normal, emphasizing Bybit's solvency even if the loss isn't recovered. This potential hack dwarfs previous major events like the Mt. Gox ($470M), CoinCheck ($530M), and Ronin Bridge ($650M) hacks, making it potentially the largest crypto hack in dollar terms. BTC and ETH prices dropped following the news.