The post Bybit sics entire crypto sector on North Korean hackers with Lazarus Bounty platform appeared on BitcoinEthereumNews.com.

Following the recent theft of $1.4B from Bybit’s reserves, the exchange has launched “Lazarus Bounty.” The bounty tracking platform aims to recruit the global crypto community to aid in the recovery of the stolen funds.  The Bybit hack is said to have been perpetuated by the same group of North Korean-backed hackers responsible for the $620 million Ronin Network exploit in 2022. Now, the crypto exchange has gone on the offensive to deal with the group as best as it can, at least until law enforcement comes up with a more permanent solution.  Bybit introduces the Lazarus Bounty platform Bybit’s Lazarus Bounty platform, named after the infamous North Korean hacking group believed to be responsible for the breach, is its latest effort to retrieve the cryptocurrency it lost.  The North Korean hacking group was linked to the crime by popular blockchain investigator, ZachXBT. Arkham made a post on its X account stating that ZachXBT had “submitted definitive proof” linking the Lazarus group to the attack. The submission was shared with the Bybit team to aid their investigation into the matter.  The Lazarus Group has a documented history of targeting cryptocurrency platforms and pulling off large scale heists. The group has been involved in other high profile incidents including the $620 million theft from the Ronin Network in March 2022 and a $41 million theft from Stake.com in September 2023.  The methods and scale of these attacks have similar patterns with that of the Bybit incident, giving even more validity to ZachXBT’s accusation.  Arkham continued to monitor the activity of the hacker’s account across the cryptocurrency network. “The Bybit Hacker is making 2-3 transactions per minute, and stops every 45 minutes for a 15 minute break. They move ETH from one address at a time, before moving onto the next one,”…

---

Filed under: News - @ February 25, 2025 11:22 pm