this post was submitted on 22 Feb 2025
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Crypto exchange Bybit says a hacker took control of one of its cold Ethereum wallets, resulting in what analysts estimate was the loss of ~$1.5B worth of tokens (www.bloomberg.com)
submitted 2 months ago by Mazdak@lemmy.org to c/technology@lemmy.world
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[โ€“] muntedcrocodile@lemm.ee 0 points 2 months ago (1 children)

How does one get ones hands on a cold wallet?

[โ€“] Transform2942@lemmy.ml -1 points 2 months ago* (last edited 2 months ago)

My speculations:

  • "insecure from the start" - as in , the wallet was never that "cold"

  • with that amount of money, it's easy to imagine an "insider threat"

  • the hackers could have gotten lucky and struck right when the company was doing legitimate operations on the wallet

  • but probably it's a towering mountain of incompetence, composed of the elements above and more