- Bybit has suffered a security breach, losing $1.4 billion worth of ETH.
- ZachXBT has linked the attack to the North Korean Lazarus Group.
Bybit, one of the leading cryptocurrency exchanges, had a calamitous hack last Friday, during which about 401,000 ETH worth $1.4 billion was stolen. This has become the largest recorded heist in history.
Ben Zhou, Bybit co-founder and CEO confirmed that the breach happened due to an advanced attack that exploited a masked user interface and URL. The attacker tricked wallet signers into approving a malicious transaction, gaining control over the exchange’s ETH cold wallet.
Bybit’s Security Measures and Assurances
Bybit immediately identified the unauthorized withdrawal from its ETH cold wallet. Apart from that, Zhou informed clients that other cold wallets are safe and that services for withdrawals are intact.
He stated:
“12 hr from the worst hack in history. ALL withdraws have been processed. Our withdraw system is now fully back to normal pace, you can withdraw any amount and experience no delays.”
The Dubai-based exchange, which reportedly held total assets worth $16 billion, is currently investigating the attack. Zhou promised a full incident report and enhanced security measures in the coming days.
Investigations and Lazarus Group Allegations
Crypto investigator ZachXBT has linked the Bybit hack to the Lazarus Group, a cybercriminal organization allegedly tied to North Korea. The blockchain intelligence platform Arkham revealed that ZachXBT submitted definitive proof linking the attack to Lazarus Group.
Arkham explained that ZachXBT’s research comprised a thorough examination of test transactions, related wallets utilized prior to the exploit, forensic charts, and exact timing analyses.
In addition, the platform has also provided a bounty of 50,000 ARKM for any additional information that can pinpoint the organization or individual behind the attack.
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