“The cryptocurrency exchange Bybit was hacked for more than $1.4 billion worth of Ethereum on Friday in what cybersecurity experts are calling the largest-ever theft targeting a cryptocurrency platform.”
Attackers took about 401,000 ETH while Bybit moved funds out of cold storage. The previous records were each a little over $600 million. Bybit says it is fully backed and lined up bridge loans. A cold wallet is only as safe as the machines signing for it.