Crypto news: what happened with the Bybit $1.1B hack and what to do now

The biggest crypto story right now is the Bybit cold-wallet theft — roughly $1.1 billion in ETH moved out after a transfer that relied on Safe.global multisig tech. If you hold digital coins, this matters. Hacks at big exchanges change prices fast, affect withdrawals, and push regulators to act. Here’s a plain guide to what happened, what it means, and how to protect your funds.

What happened in the Bybit hack

Security researchers say the attacker targeted a compromised cold wallet during a transfer using multi-signature infrastructure. That’s unusual because cold wallets are meant to be offline and safe. The possible causes discussed include a phishing campaign that hit signers, flaws in the multisig flow, or human error when moving funds. Bybit says customers are protected, but investigations are ongoing and on-chain traces still show billions in ETH moving through several addresses.

For traders and regular users, this translated to market volatility and more questions about how exchanges store assets. It also pushed other platforms to review their custody setups and communication plans. Regulators in several countries tend to respond to big breaches with faster guidance or tighter rules — something users in Africa should watch as local exchanges may change policies or limits.

How to protect your crypto now

If you use exchanges: keep only what you need for trading on them. Move larger holdings to a personal wallet you control. Prefer hardware wallets for long-term storage; they keep private keys offline. If you run multisig, make sure signers use separate secure devices and avoid clicking links or approving transactions from unknown sources.

Always enable 2FA with an authenticator app, not SMS. Check withdrawals and addresses carefully before confirming. Use small test transfers when sending large sums. Keep software updated: wallet firmware, authenticator apps, and your operating system. If an exchange offers insurance or proof-of-reserves audits, read the fine print — they help, but they’re not a full guarantee.

Follow official channels for reliable info: the exchange’s verified Twitter/X account, their status page, and blockchain explorers (Etherscan, Blockchair) to watch suspicious transactions. Be skeptical of fast money tips after a hack — scammers use breaking news to push fake recovery services or phishing links.

Africa Daily Spectrum will keep tracking the story and what it means for African crypto users. Expect updates on local exchange responses, potential service pauses, and any regulatory moves. We cover the facts, explain technical points in plain language, and give practical steps so you can act fast without panic.

Want fast alerts? Bookmark our crypto news tag page, subscribe to notifications, or follow trusted blockchain security researchers. Stay cautious, control your keys, and treat big exchange claims with a healthy dose of skepticism until audits and investigations finish.