PANews reported on February 21 that Bybit co-founder Ben Zhou posted on the X platform: "About an hour ago, the Bybit ETH multi-signature cold wallet transferred funds to the hot wallet. It seems that this particular transaction was forged. All signatories saw a forged UI showing the correct address. However, the signature information was to change the smart contract logic of our ETH cold wallet, which led to the hacker taking control of the signed specific ETH cold wallet and transferring all ETH in the cold wallet to this unidentified address. Please rest assured that all other cold wallets are safe and all withdrawals are normal. The community will be informed of more progress at any time, and if any team can help track the stolen funds, it will be greatly appreciated."