Yigit Taha OZTURK 
Crypto exchange Bybit has officially revealed the cause of the recent $1.5 billion hack. According to the company’s statement, the attack occurred due to a major infrastructure failure. How did this happen, and what does it mean for users? Here are the details!
As one of the leading cryptocurrency exchanges, Bybit has been at the center of a major security crisis. Company officials stated that a serious technical collapse in the exchange’s infrastructure allowed hackers to infiltrate the system. This vulnerability compromised Bybit’s security mechanisms, enabling attackers to steal $1.5 billion worth of assets.
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How Did the Attack Happen?
According to Bybit’s report, attackers identified security loopholes within the infrastructure and exploited them to gain unauthorized access. Initially appearing as a user account breach, the attack was later revealed to have directly targeted the company’s internal systems. Hackers managed to transfer massive amounts of funds to their own wallets by taking advantage of these weaknesses.
Are Bybit Users at Risk?
Following the large-scale attack, Bybit assured users that their funds would remain secure. The company announced that most of the stolen assets would be covered from its reserves and that user losses would be reimbursed. However, some analysts have raised concerns about how Bybit will manage such a significant financial hit in the long run.
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