Krutika Adani
Bybit’s ETH Smart Cold Wallet by Safe got its UI hacked. As a result, a routine transfer of crypto changed the smart contract logic, and the wallet was drained.
Overall, Bybit has lost $1.4 billion in Ethereum and staked Ethereum.
There are ways to track those hackers and freeze funds to recover crypto, as it was done in the case of Axie Infinity.
The best thing anyone can do is to distribute their funds across multiple exchanges, or they can choose self-custody via hot and cold wallets.