The post Bybit’s $1.4B Ethereum Hack—Did Lazarus Group Mastermind Another Mega Heist? appeared on BitcoinEthereumNews.com.

The Lazarus Group has been identified as the mastermind behind the massive $1.4 billion Ethereum theft from cryptocurrency exchange Bybit.  In response, As the investigation into the attack continues, Bybit has received support from several major exchanges, including OKX and Coinbase. The notorious Lazarus Group, a North Korean state-backed hacking syndicate, has once again been implicated in a massive cryptocurrency heist. On-chain security analyst ZachXBT has identified the group as the mastermind behind the recent 401,346 ETH hack on the crypto exchange Bybit, amounting to a staggering $1.4 billion in stolen funds. Following the attack, ZachXBT’s investigation uncovered key evidence linking the breach to Lazarus Group. His findings were later validated by Arkham Intelligence, a blockchain analytics firm that had launched a bounty campaign to trace the perpetrators. Arkham confirmed the link in a post on X, stating: His submission included a detailed analysis of test transactions and connected wallets used ahead of the exploit, as well as multiple forensic graphs and timing analyses. Arkham’s bounty campaign, which offered 50,000 ARKM tokens (valued at approximately $31,500), aimed to gather credible leads on those responsible for the attack. How the Bybit Hack Unfolded The breach was first detected by on-chain security analyst ZachXBT, who flagged suspicious transactions linked to the attack. Bybit CEO Ben Zhou took to X to shed light on how the exploit occurred. According to Bybit CEO Ben Zhou, the hack stemmed from a masked transaction targeting the exchange’s Ethereum multisig cold wallet. Explaining the incident, Zhou stated that Bybit’s cold wallet executed a transfer to its warm wallet, which initially appeared legitimate.  However, the transaction was masked, displaying the correct address and a seemingly authentic @safe URL, deceiving all signers. Unbeknownst to them, the signing message actually altered the smart contract logic of Bybit’s ETH cold wallet,…

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Filed under: News - @ February 22, 2025 1:14 pm