‘We can cover 100% of the stolen Ethereum’
Ben Zhou, CEO of Bybit, assured the public that user funds were safe and that the platform could cover the losses following the largest crypto exchange in history.
The security fighters and the concerned members of the cryptographic community gathered behind Bybit on Friday, February 21, after the exchange lost more than $ 1.4 billion for pirates.
The greatest exchange of Crypto-Jaimais has had livestream After the incident. Specific details on violation points remain rare. However, the first reports suggest that the hackers prompted the signatories of Bybit to authorize a malicious transaction of the Ethereum of the platform (Ethn) Cold wallet.
Bybit uses a multi-signs structure designed by its safety to manage its ERC-20 tokens reserves. This portfolio requires several members of the team to sign transactions before execution.
Oxcygaar, a blockchain developer and abstract chain contributor, theorized that bad players have attacked each signatory and used malicious software to modify the multi-sig user interface. The ramifications of this scenario are horrible, as this means that hackers may have identified each signatory and compromise their compromises or cryptographic wallets.
Backs of the bybit community, the CEO of bridge sources
Tokens Arkm for any information leading to the identification of the pirate. In addition, sure, Bebit multi-SIG supplier, announcement Continuous maintenance to strengthen security.
In addition, Zhou said that Bybit worked with other players in the industry such as Binance, Okx, and Kucoin and the police to reach a resolution. “We have submitted a police report,” said Zhou on Livestream.
Zhou and Shunyet Jan, chief of the derivatives of Bybit, also revealed that the exchange negotiates a bridge loan with partners to restore the withdrawals of Ethereum. According to Jan, the platform will offer guarantees of its treasure, mainly in Bitcoin (BTC) and stablecoins. However, Zhou stressed that the appeal can fully cover the loss, noting that the scholarship manages more than $ 20 billion in assets.
Bybit’s leadership urged the cryptographic community to remain patient in the middle of the congestion of the platform, reassuring users that other NC-20 normal withdrawals and operations continue as usual.
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