Bybit, the Singapore-based centralized crypto exchange, appears to have been hacked. Early estimates suggest the exchange has lost over $1 billion worth of ETH, though the investigation is ongoing.  

"Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from Safe. However the signing message was to change the smart contract logic of our ETH cold wallet," Bybit cO-founder and CEO Ben Zhou posted to X. "This resulted Hacker took control of the specific ETH cold wallet we signed and transferred all ETH in the cold wallet to this unidentified address. Please rest assured that all other cold wallets are secure. All withdraws are NORMAL."

On Tuesday, the exchange announced it would be performing scheduled maintenance on its live server today stretching into tomorrow. 

According to onchain data, the attacker appears to have gained access to ByBit’s hot wallets and has been using it to swap holdings of stETH for ETH and redeem mETH. 

This story is breaking and will be updated as The Block learns more.

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