Dubai-based cryptocurrency exchange Bybit said Friday that it had suffered what could be the largest cryptocurrency theft in history, with hackers stealing Ethereum worth around $1.5 billion.
Ben Zhou, Bybit's CEO, said in a livestream that the hack had affected around 401,000 Ethereum and had occurred as the company attempted a routine transfer from a cold wallet — an offline storage system — to a warm wallet used for daily trading.
This was a massive mistake that appears to have hurt the trust in the crypto market. Not as much as I would have thought but everything is still down from it. The hacker was able to take control of cold wallets and more the crypto to a location that can't be traced. This is why security is SO important, even in the world of crypto.