Hey crypto fam! You know things get wild in the meme coin world, but sometimes the drama spills over into the big leagues. Recently, Bybit, a major crypto exchange, got hit by a cold wallet hack, and guess what? CEO BEN himself was right in the middle of it!

In a candid livestream, BEN broke down exactly what happened when their Ethereum cold wallet got drained. Let’s dive into the deets, because this is a story that’ll make even the most seasoned crypto veterans sweat a little.

Routine Transfer Turns Rogue

BEN explained that on February 21st, between 9:30 and 10:00 AM Singapore time (UTC+8), the Bybit team was doing a pretty standard operation: moving crypto from their cold wallet to a hot wallet. Think of it like transferring your precious meme coins from cold storage (super secure, offline) to your everyday spending wallet (online, for quick trades and transactions). They do this every couple of weeks to keep things running smoothly.

Bybit uses Safe, a popular multi-signature (multi-sig) wallet solution for their Ethereum cold storage. Multi-sig is like having multiple keys to a vault – several authorized people need to sign off on a transaction to make it happen, adding an extra layer of security. BEN is one of these key holders, or “signers.”

The Devil’s in the Details: A Familiar URL with a Sinister Twist

Here’s where things get spooky. BEN said when the transaction came through, everything looked normal at first glance. He was the last signer on the deal. The URL for the transaction looked legit – like it was from the official Safe website. He double-checked the link, clicked it, and even scanned the user interface, making sure the destination address was indeed their hot wallet. They have systems in place to verify these addresses, so it should have been foolproof, right?

“Everything looked fine,” BEN emphasized. He saw the transaction, gave it the final sign-off using his Ledger hardware wallet – you know, those USB-looking devices that are supposed to be super secure for signing crypto transactions.

Ledger’s Cryptic Display and a Hindsight Lesson

Now, here’s a crucial detail that might make you rethink your own crypto security practices. BEN mentioned that when using Ledger for Ethereum transactions, the device doesn’t clearly show the destination address. Instead, it displays a bunch of code. He admits he glanced at the code but didn’t scrutinize it completely. “Usually, the target address isn’t explicitly shown in multi-sig setups,” he noted. So, trusting the process, he signed the transaction.

30 Minutes of Calm Before the Storm

After BEN signed, everything seemed okay… for about 30 minutes. Then, the crypto world turned upside down. Bybit received an emergency call: their Ethereum cold wallet had been completely emptied. Just like that, gone.

This is a stark reminder that even with sophisticated security measures like multi-sig wallets and hardware wallets, things can still go horribly wrong. The Bybit hack highlights how crucial it is to stay vigilant and double, triple-check every detail, even when things seem routine. For meme coin traders and HODLers alike, this story serves as a serious wake-up call about crypto security in 2025. Stay safe out there, folks!