North Korean Lazarus Group Identified As Culprit In Bybit’s Historic $1.5 Billion Hack
In a major blow to the cryptocurrency industry, Bybit, one of the major cryptocurrency exchanges, confirmed a serious security breach involving Ethereum cold wallets.
event, Report On Friday, the Bitcoiner was one of the largest cryptocurrency hackers in history, with an estimated loss of more than $1.5 billion.
Bybit Hack has links to North Korea’s Lazarus Group
According to Bybit, this violation occurs during the transfer from their Eth Multisig cold wallet to the warm wallet. Communication revealed on social media platform X (formerly Twitter) that the attack was conducted through “complex manipulation” of the transaction process.
This operation allows hackers to mask the signature interface, which displays the correct wallet address while changing the underlying smart contract logic.
Then, on-chain market intelligence company Arkham Intelligence reveal The crypto detective Zachxbt provides compelling evidence to connect hackers to the infamous Lazarus Group, a North Korean-backed hacker group.
Zachxbt reportedly submitted findings in his detailed analysis, which included test transactions, related wallets, forensic charts and time analysis. This information has been shared with BYBIT to assist its ongoing investigation.
$1.44 billion in asset misappropriation
The scale of the vulnerability is shocking. It is estimated that approximately 401,347 ETHs were withdrawn, worth approximately US$1.12 billion.
In addition, other assets lost in the hacker include 90,376 Stears, worth $253.16 million, 15,000 CMETH worth $44.13 million, and 8,000 methyl methyl totaling $23 million. The total estimated loss is approximately US$1.44 billion.
In view of this incident, Bybit has activated its security team and is working with leading blockchain forensic experts to conduct a thorough investigation.
The exchange also contacts other teams with expertise in blockchain analytics and fund recovery, inviting them to assist in tracking the misappropriation of assets.
BYBIT will take further action on what steps will be taken in the information provided by Zachxbt and how to conduct cases in case of misappropriation of client funds.
As for the price of ETH, the second largest cryptocurrency on the market received a 4% backtrack after the security breach.
Featured images from dall-e, charts from tradingview.com
