(Reuters) – Cryptocurrency exchange Bybit said on Friday that an attacker gained control of an ether wallet and transferred the holdings to an unidentified address.
Ether cold wallet was the only one that was attacked and all other wallets of the exchange were unaffected and withdrawals were proceeding normally, CEO Ben Zhou said in a post on X.
“All client funds are safe, and our operations continue as usual without any disruption,” the company said, adding that its security team, along with forensic experts, was investigating the incident.
Bybit caters to more than 60 million users worldwide and offers access to various cryptocurrencies, including bitcoin and ether.
“Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss,” Zhou added.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Mohammed Safi Shamsi)
(Bloomberg) — Elon Musk has found yet another target in Washington: Ginnie Mae, a stalwart of the nation’s home mortgage market.
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This time, Wall Street is pushing back.
Lenders and developers are now working their contacts in Washington to try to protect Ginnie Mae, according to people with knowledge of the matter. They are sounding the alarm after Musk’s federal cost-cutting initiative, the so-called Department of Government Efficiency, dismissed dozens of employees at the government-owned corporation that stands behind some $2.7 trillion of mortgage-backed securities.
Over the past week, as much as a quarter of the agency’s 270-or-so employees have either resigned or been dismissed, according to separate people familiar with the matter who asked not to be identified disclosing private information.
The departures have left a gaping hole in Ginnie Mae, founded in 1968 to make housing more affordable by allowing banks to bundle mortgages into government-guaranteed bonds, thereby reducing the loan rates paid by millions of ordinary Americans.
A spokeswoman for Ginnie Mae said the agency would continue to perform its necessary functions and make sure there was no disruption in the market.
The development has raised concern that Ginnie Mae — a relatively small agency that actually turns a profit – might have trouble doing its job, particularly if the financial markets or the US housing market take a turn for the worse.
Given Ginnie Mae’s outsize role in getting funding for mortgages from bond markets, even a small hiccup could cascade through the housing market and the broader economy.
“That is the government equivalent of eating your seed corn,” David Dworkin, the president of the National Housing Conference, an affordable housing trade group, said of the reductions.
The consequences to the financial industry of DOGE’s federal cuts are already becoming apparent. Last week, mortgage lenders panicked when a key metric that helps dictate terms for new mortgage loans abruptly vanished from government websites. After an industry outcry, the so-called Average Prime Offer Rate then reappeared online.
Only five years ago, when Covid-19 sent the economy into a tailspin, Ginnie Mae stepped in to reassure mortgage companies bracing for a surge of missed payments.
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Bybit, one of the world’s largest cryptocurrency exchanges, experienced a hack Friday in which over $1.4 billion worth of crypto was stolen, according to blockchain-analytics firms. It’s the latest incident for an industry struggling with security concerns that present hurdles to mainstream adoption.
The Dubai-headquartered crypto exchange saw an ether cold wallet hacked on Friday, Ben Zhou, co-founder and chief executive of Bybit, wrote in a post on X. The attacker transferred all of the ether in the wallet to an unidentified address, Zhou said.
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About the Author
Frances Yue covers the cryptocurrency market for MarketWatch.
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The hack is the latest incident in which the crypto industry has been targeted
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Hacker Drains $1.46B from Bybit’s Cold Wallet in Massive Security Breach
Bybit suffered a $1.46 billion hack as a hacker drained its Ethereum cold wallet. This catastrophe triggered a crypto market drop.
Bybit has suffered one of the largest crypto hacks in history, with over $1.46 billion worth of Ethereum and staked assets drained from the exchange’s cold wallet. According to ZachXBT, the blockchain analyst who first flagged the suspicious outflows, the hacker moved 401,346 ETH—worth approximately $1.1 billion—along with staked Ether (stETH-USD) and MegaETH (mETH) to a fresh wallet, where they have begun liquidating the stolen funds.
Bybit has suffered one of the largest crypto hacks in history, with over $1.46 billion worth of Ethereum and staked assets drained from the exchange’s cold wallet. According to ZachXBT, the blockchain analyst who first flagged the suspicious outflows, the hacker moved 401,346 ETH—worth approximately $1.1 billion—along with staked Ether (stETH-USD) and MegaETH (mETH) to a fresh wallet, where they have begun liquidating the stolen funds.
Despite a 25% drop in revenue, Unity Software stock leaps ahead by over 30% on results that exceeded expectations with a strategic portfolio reset and promising advances in monetizing real-time 2D and 3D content.
Unity Software (U) shares experienced a dramatic increase of over 30% after the game engine company reported fourth-quarter results. While the company reported a 25% drop in revenue, bringing the total to $457 million, that still exceeded expectations. The results have been partly attributed to a “portfolio reset” involving business downsizing and layoffs.
Unity Software (U) shares experienced a dramatic increase of over 30% after the game engine company reported fourth-quarter results. While the company reported a 25% drop in revenue, bringing the total to $457 million, that still exceeded expectations. The results have been partly attributed to a “portfolio reset” involving business downsizing and layoffs.
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