Here’s everything we know about Bybit’s $1.4 billion ETH hack, its Lazarus links
The post Here’s everything we know about Bybit’s $1.4 billion ETH hack, its Lazarus links appeared on BitcoinEthereumNews.com.
Bybit lost $1.4 billion following a major ETH hack linked to the Lazarus group There are now calls for Vitalik Buterin to roll back the chain to help Bybit recover the funds Bybit’s $1.4 billion Ethereum hack has been reportedly linked to the notorious Lazarus group. As expected, this triggered a withdrawal frenzy as investors exited the crypto exchange en masse. In fact, according to Bybit’s founder and CEO Ben Zhou, the exchange saw record withdrawal requests, but they were all handled smoothly. “Since the hack, Bybit has experienced the most number of withdraws that we have ever seen, We have had a total number of more than 350k withdrawal requests.” So, how was the exchange compromised, and can it retrieve the >$1 billion lost funds? All the details According to the exchange, the compromise was a sophisticated attack that tricked signers into unknowingly giving control of its multi-signature (multi-sig) cold wallet. Source: X About 400k ETH was siphoned from the compromised cold wallet to the attacker’s address, and split into 10k ETH chunks to several other addresses. Renowned on-chain sleuth ZachXBT has since established and linked these addresses to the North Korean Lazarus group. According to CryptoQuant, following the incident, Bybit’s ETH reserves sharply dropped from 443k ETH to about 39k ETH. Source: CryptoQuant The incident didn’t stop at ETH investors though. According to CryptoQuant analyst Dark Frost, investors also withdrew 713 BTC from the exchange as fear intensified. “The shadow of FTX loomed over the market, triggering a wave of fear and prompting investors to accelerate withdrawals from Bybit. This was evident in BTC, with 713 BTC withdrawn at the same time.” Will Bybit recover the funds? According to reports, Bybit received ETH loans from Bitget and Binance to support the withdrawal pressures amid its low ETH reserves.…
Filed under: News - @ February 22, 2025 8:26 am