The CEO of the cryptocurrency exchange Go through,, Ben Zhou, confirmed on X that the company had been hacked. Two hours ago, the X account of Whale alert highlighted a transfer of more than 401,000 ETH worth $ 1.1 billion. The pirate transferred funds At a fresh portfolio address, but has since moved funds to more than 40 other portfolios.
Mr. Zhou said that a single COLD portfolio has been compromised and that all other portfolios are intact and that withdrawals are normally continuing. The involvement is that the appeal has more than a billion dollars in equity. He followed by saying: “The appeal is a solvent even if this loss of hacking is not recovered, all the assets of the customers are supported from 1 to 1, we can cover the loss.”
Former CEO of Binance Changpeng Zhao (Cz) has come to the extent that the exchange should consider a break from withdrawals as a precaution.
Although the pirate has successfully exhausted the wallet, it remains to be seen if he can do much with the funds.
Since the blockchains are public, Etherscan, the popular explorer, marked the addresses of the portfolio as a “survey operator”. The transfers of the operator’s initial address were in ETH 10,000 or 27 million dollars, each new portfolio address also reported.
Aside from the first portfolio that was drained, most of the action was in two wallets (1 2), with the vast majority of funds that are still in quantities of ETH 10,000 in 45 wallets. This represents a total of around 450,000 ETH, which implies that the hack was closer to $ 1.2 billion. Others set the figure at $ 1.4 billion. However, the CEO confirmed the ETH 401,000 or approximately $ 1.1 billion.
What happened?
CEO Ben Zhou launched a Livestream on X To explain what happened. He said that the company was carrying out a routine transfer between its portfolio and the COLD wallet, which it does when balance in the hot wallet reaches a certain level. He uses multi-signating safe.global portfolios for cold storage, and he was the last to sign this particular transaction.
He checked that the link was the main safe website, which is one of their security protocols. The portfolio address was also verified. The initial transaction was 30,000 ETH, but there were probably several to reach 401,000.
Only Ethereum’s cold portfolio was compromised and he said that the Bybit’s company could cover the loss. The total assets of bybit under management are more than $ 20 billion.
No other safe transfer will be made until they confirm the precise cause. Security also stops on the side, just in case. The CEO launched one of the two possible causes, but warned that they did not yet know. Either all the signatories’ computers have been hacked so that the security website is fake or safely has been compromised. He did not say that it was, because the investigations are underway.
There have been massive withdrawal requests (almost 100 times normal), which is the treatment, with 70% of them. Some of the larger withdrawals must go through compliance. The objective is to process all withdrawals in a few hours. Customer support also has a small backlog given the increased volumes, but catchs up, and all the staff are online.
Since hacking was from the Ethereum wallet, it is not possible to remove the ETH at the moment. However, Bybit is obtaining a loan of partner bridges to specifically satisfy Ethereum withdrawals, rather than buying ETH on the market.
