$ETH

Following a security breach on its platform on Friday, crypto exchange Bybit announced that it suffered a hack where an attacker compromised one of its ETH wallets.

The unidentified attacker has stolen about $1.44 billion worth of ETH, stETH, cmETH and mETH, splitting them across several wallets, per Nansen data.

The total stolen funds so far include

401,347 ETH (~$1.12B), 90,376 stETH (~$253.16M),

15,000 cmETH (~$44.13M), 8,000 mETH (~$23M).

"Initially, the stolen funds were transferred to a primary wallet, which then distributed them across more than 40 wallets," wrote Nansen analysts. "The attackers converted all stETH, cmETH, and mETH to ETH before systematically transferring ETH in $27 million increments to over 10 additional wallets," they added.

Bybit has since addressed customer concerns, sharing updates on latest developments regarding the hack.

"The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic. As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address," Bybit explained in Friday's X post.