Bybit's $1.4 billion hack traced to Lazarus Group: ZachXBT

Source Fxstreet
  • Blockchain investigator ZachXBT traced the attack on Bybit to the North Korean Lazarus Group.
  • The hack is allegedly connected to the attack on crypto exchange Phemex in January. 
  • Bybit CEO Ben Zhou claims the exchange has secured 80% of customers' stolen funds by leveraging bridge loans.

Crypto investigator ZachXBT linked the $1.44 billion hack of crypto exchange Bybit on Friday to the infamous Lazarus Group, which has been allegedly responsible for some of the top attacks on digital asset platforms.

Additionally, Bybit CEO Ben Zhou claimed the exchange had raised nearly 80% of the stolen funds from bridge loans, encouraging users to stay calm.

Lazarus group strikes crypto again, Bybit aims for quick recovery

Crypto investigator ZachXBT claims that the Bybit attack was performed by the North Korean Lazarus Group.

According to a post by Arkham on X, ZachXBT submitted "definitive proof" that linked this recent exploitation to the Lazarus Group.

"His submission included a detailed analysis of test transactions and connected wallets used ahead of the exploit, as well as multiple forensics graphs and timing analysis," Arkham shared in a post on X.

This marks yet another successful attack on top crypto companies by the anonymous group.

ZachXBT also shared in response to Arkham that he connected the attack to that of the Phemex exchange in January, where hackers stole $30 million.

Arkham offered a bounty of 50,000 ARKM, worth $32,000, to anyone who could identify the perpetrators behind the attack.

This came after Bybit confirmed a major security breach resulting in the loss of $1.44 billion in ETH-related assets, marking one of the largest theft in crypto market history.

In response, co-founder and CEO Ben Zhao assured users that the exchage will honour all withdrawal requests, include those under review.

He claimed the company is leveraging bridge loans from partners to settle the increased withdrawal requests as a repurchase of the stolen tokens from the open market is unlikely.

Bybit also released a statement to users on X, claiming that it has reported the incident to the proper authorities.

They also claim to have reached out to on-chain providers to track the activities of wallets involved in the heist to prevent the hackers from spending the tokens.

The latest hack adds to a growing list of cyberattacks attributed to the Lazarus Group, which has orchestrated some of the most largest cryptocurrency thefts in history. 

Other major incidents from the group include the $625 million Ronin Network (Axie Infinity) heist, the Atomic Wallet breach with a $100 million exodus, the $54 million CoinEx hack and the Alphapo exploit of $60 million.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold is on track for 2% weekly lossGold lost more ground on Friday, putting the precious metal on course for its sharpest weekly slide in almost two months.
Author  Cryptopolitan
13 hours ago
Gold lost more ground on Friday, putting the precious metal on course for its sharpest weekly slide in almost two months.
placeholder
Bitcoin Profit Taking Explodes: 12x More Gains Than Losses Hitting ExchangesOn-chain data shows the ratio between the Bitcoin profit and loss being sent to exchanges is approaching euphoric bull market levels.
Author  Bitcoinist
13 hours ago
On-chain data shows the ratio between the Bitcoin profit and loss being sent to exchanges is approaching euphoric bull market levels.
placeholder
ADA and AVAX share bearish outlooks after the SEC delays ETFsCardano (ADA) and Avalanche (AVAX) are down 5% to 8% in the last 24 hours, respectively, at press time on Friday, in the aftermath of the US Securities and Exchange Commission (SEC) delaying the decission over the Cardano and Avalanche Exchange Traded Funds (ETFs) filings on Wednesday.
Author  FXStreet
14 hours ago
Cardano (ADA) and Avalanche (AVAX) are down 5% to 8% in the last 24 hours, respectively, at press time on Friday, in the aftermath of the US Securities and Exchange Commission (SEC) delaying the decission over the Cardano and Avalanche Exchange Traded Funds (ETFs) filings on Wednesday.
placeholder
Tariff Uncertainty Rises Again, Stocks SlideAsian stocks were mostly lower on Friday as global tariffs faced uncertainty again.
Author  Insights
15 hours ago
Asian stocks were mostly lower on Friday as global tariffs faced uncertainty again.
placeholder
Pound Sterling corrects against US Dollar after US court reinstates Trump tariffsThe Pound Sterling (GBP) drops to near 1.3475 against the US Dollar (USD) in Friday’s European trading session.
Author  FXStreet
15 hours ago
The Pound Sterling (GBP) drops to near 1.3475 against the US Dollar (USD) in Friday’s European trading session.
goTop
quote