Making Ethereum Private Again: A $1.5 Billion Wake-Up Call

Quick Summary:

According to a live stream from Bybit CEO Ben Zhou, the hack was executed when he and other multi-sig signers unknowingly approved the fraudulent transaction via their Ledger devices, effectively sending the massive sum directly to the hackers.

The critical flaw wasn't in Bybit's security infrastructure per se but in the inherent risks of using raw wallet addresses and defi that the Ledger didn't understand.

Unlike traditional exchange breaches that involve compromising backend keys—such as hot, warm, or cold wallet private keys—this incident unfolded in a highly unusual manner.

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Category: Technology

Markets: United States

Topics: Fintech Cryptocurrency Tech Exclusives Contributors Benzinga Top Stories

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News Sentiment: Negative

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Article Type: News Report

Published On: 2025-02-25 @ 14:59:38 (14 hours ago)

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News Source URL: benzinga.com

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