Cryptocurrency exchange Bybit has reported suspicious outflows amounting to $1.46 billion, following a confirmed hack on its Ethereum cold wallet. The CEO, Ben Zhou, stated that a hacker gained control of the wallet and transferred significant amounts of Ether, including 401,346 ETH valued at approximately $1.1 billion, to a new address. This new wallet is currently liquidating staked ether and has sold around $200 million worth of staked assets. Following the incident, the prices of Bitcoin and Ethereum dropped, with losses exceeding 1.5% and 2%, respectively. This event could become the largest cryptocurrency hack ever recorded, surpassing notable past incidents like the Mt Gox and CoinCheck hacks. Zhou reassured users that other cold wallets remain secure and that normal withdrawal operations are ongoing. The event has raised concerns within the crypto community about security vulnerabilities in exchanges.

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