Bybit Suffers $1.4 Billion Hack, Crypto Markets Plunge

The cryptocurrency exchange Bybit is reeling from a massive hack that has resulted in losses exceeding $1.4 billion, marking it as one of the largest security breaches in crypto history. According to CEO Ben Zhou, the breach involved a malicious manipulation of the exchange's multisignature cold wallet, which allowed the attacker to drain funds to multiple wallets. Zhou has reassured users that other wallets remain secure and that all withdrawal processes are functioning normally, claiming that Bybit has sufficient reserves to cover losses. However, concerns persist within the crypto community regarding the overall security of exchanges following this incident. The hack has prompted calls for increased scrutiny and precautions, with some industry leaders suggesting that exchanges should temporarily halt withdrawals. As investigations continue, the implications of the hack on the broader crypto market remain uncertain.