Binance Co-Founder and Former CEO Offer Support Amid Bybit's $1.4 Billion ETH Hack

Following Bybit’s confirmation of a $1.4 billion Ethereum (ETH) security breach, Binance executives have extended their support, reinforcing the industry's collaborative stance on security.Bybit CEO Ben Zhou revealed that the exploit was executed through a masked UI attack on a multisig cold wallet transaction. The attackers manipulated the signing process to alter the smart contract logic, gaining control over the wallet and transferring its ETH holdings to an unknown address. Despite the breach, Zhou assured users that all other cold wallets remain secure and withdrawals are operating normally.Binance’s Immediate ResponseYi He, Binance’s co-founder, was quick to offer assistance, stating, "We are here when you need." The message signaled Binance’s readiness to help Bybit navigate the crisis and recover stolen funds.Former Binance CEO CZ also weighed in, suggesting a proactive security measure to prevent further potential risks. "Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck!"