Well, you were wrong. Biggest ever crypto hack and also biggest ever theft, 1.4 billion in ETH: https://www.theblock.co/post/342709...k-shocks-crypto?utm_source=rss&utm_medium=rss "On Friday, hackers appeared to steal more than $1.4 billion in ETH from Bybit’s cold wallet, the exchange confirmed. It seems the hacker tricked Bybit’s ETH cold wallet signers into approving a malicious transaction to gain control of the wallet surreptitiously. " "This makes it the largest crypto theft of all time, by some margin," Elliptic co-founder and Chief Scientist Tom Robinson told The Block. "The next largest crypto theft would be the $611 million stolen from Poly Network in 2021. In fact it may even be the largest single theft of all time. We've labelled the thief's addresses in our software, to help to prevent these funds from being cashed-out through other exchanges." "Bybit has secured a “bridge loan” from unnamed partners to cover about 80% of the Ether it lost Friday in a $1.5 billion hack, CEO Ben Zhou said in a live stream on X. Bybit will not immediately buy Ether in order to replenish the lost crypto, Zhou added." ---------------------- "Hot wallet wasn't hacked. Cold wallet wasn't hacked. Signing UI was hacked." Sure, but the end result was still emptying out a cold wallet.
More technical explanation: "Sounds like the Hacker sent a request to update the smart contract instead of doing a routine transfer from the cold wallet contract. Multisig members signed it without checking. I'm guessing they aren't using any automation or wallet extension to check the request payload before signing. Update: The UI that displayed the transaction details was hacked to show a normal transfer" ---------------------------------- "Seems like the exact copy of WazirX hack. So I’m guessing it’s North Korea again. Just surprised by how ByBit has $1.5B lying around to cover the shortfall."
If ByBit shuts down, it could cause a liquidation event, similar to what happened in the past, i.e. FTX Bitcoin price being relatively strong, may become a safe haven asset to trade into, along with stablecoins If bitcoin price starts to crash, it can be a cascade of liquidations I have no idea what's going to happen in the short term, just pontificating strength begets strength; weakness begets weakness
On top of that, if the stock market tanks, it could really end up as an avalanche. I hope not though. That would be too painful.
Korean hackers are no joke. Keep your money off the exchange, and into a hardware wallet, we're it belongs!