{"id":14428,"date":"2025-02-21T20:46:49","date_gmt":"2025-02-21T20:46:49","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=14428"},"modified":"2025-02-21T20:46:49","modified_gmt":"2025-02-21T20:46:49","slug":"bybit-hack-aftermath-single-whale-liquidated-for-46m-as-btc-dumps-by-4k","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=14428","title":{"rendered":"Bybit Hack Aftermath: Single Whale Liquidated for $46M as BTC Dumps by $4K"},"content":{"rendered":"
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As the details around perhaps the largest hack in the cryptocurrency industry continue to unravel, BTC\u2019s price has started to crash once again, falling by over four grand since today\u2019s peak.<\/p>\n

With the altcoins in a similar state, it\u2019s no wonder that the total value of liquidated positions has skyrocketed to over $600 million on a daily scale.<\/p>\n

Recall the events<\/a> that took place earlier today when reports emerged about suspicious transfers made from Bybit\u2019s hot wallets. Later on, it was confirmed by the company\u2019s CEO, Ben Zhou, that the incident was indeed a hack that had drained its wallet with around $1.4 billion in ETH.<\/p>\n

Despite claiming<\/a> that the exchange, which is one of the largest in terms of global trading volumes, is still solvent, he later admitted<\/a> that the team had registered \u201cmassive withdrawal\u201d requests after the incident.<\/p>\n

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\u201cIt seems that Bybit \u2018s ETH multisig cold wallet was compromised through a deceptive transaction that tricked signers into unknowingly approving a malicious smart contract logic change,\u201d \u2013 explained<\/a> the security company Cyvers.<\/p>\n<\/blockquote>\n

In another message to CryptoPotato<\/em>, Cyvers\u2019 team said the attacker deployed a malicious contract two days before the hack to the Bybit signers\u2019 devices. When trying to initiate legitimate transactions, the malware acts like the middleman and sends a malicious payload to the hardware wallets. Bybit\u2019s team signs that payload and doesn\u2019t see it due to \u201cblind signing on hardware wallets.\u201d<\/p>\n

The attacker then reimplements the safe wallet and delegates the calls to their malicious contract, at which point no additional signatures are needed, and the perpetrator controls the wallet.<\/p>\n

The hack, which is described as the largest in the crypto industry, had a dramatic effect on the entire market. BTC had climbed toward $100,000 but was quickly rejected and pushed south by two grand.<\/p>\n

After an initial bounce-off, the asset reverted its trajectory and slumped to $95,000, thus losing over $4,000 since the attack. The altcoins suffered even more, with XRP, DOGE, and ADA down by over 6% within the past 24 hours.<\/p>\n

The liquidations have shot up to more than $600 million, according to CoinGlass. The single-largest wrecked order took place on HTC and was worth a whopping $45.8 million.<\/p>\n

\"Cryptocurrency<\/a>
Cryptocurrency Market Overview. Source: QuantifyCrypto<\/figcaption><\/figure>\n

The post Bybit Hack Aftermath: Single Whale Liquidated for $46M as BTC Dumps by $4K<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As the details around perhaps the largest hack in the cryptocurrency industry continue to unravel, BTC\u2019s price has started to crash once again, falling by over four grand since today\u2019s peak. With the altcoins in a similar state, it\u2019s no wonder that the total value of liquidated positions has skyrocketed to over $600 million on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-14428","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14428"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14428\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}