Cryptocurrency exchange Bybit reported a massive cyberattack in which an unknown hacker stole $1.46 billion worth of Ethereum from one of its cold wallets. The breach occurred during a transfer to a warm wallet, where the attacker manipulated the signing interface to alter the smart contract logic.

The hacker exploited this manipulation to siphon 401,346 ETH, making it the largest crypto heist in history. Bybit is collaborating with blockchain forensic experts to investigate the breach and trace the stolen assets, ensuring that client funds and other wallets remain secure. However, investigator ZachXBT reports that the hacker has already begun dispersing the stolen crypto, transferring 10,000 ETH to 48 different addresses.

This attack surpasses previous record-breaking hacks, including the $620 million Ronin Network breach in 2022 and the $611 million Poly Network theft in 2021.