Bybit suffers a $1.4 billion hack, linked to North Korea’s Lazarus Group.
North Korea’s Lazarus Group Suspected
Bybit, a major crypto exchange, just got hit with a massive $1.4 billion hack. The attack targeted its ETH cold wallet, draining everything. Despite the loss, Bybit’s CEO, Ben Zhou, assured users that withdrawals are working fine and all assets are backed 1:1. Bybit claims that thye have the funds to cover the losses.
How It Happened
Hackers tricked Bybit’s wallet signers with a fake interface, secretly altering transaction details. Instead of a normal transfer, they changed the smart contract logic, giving them full control. The stolen funds, 401K ETH, and various staked tokens were first sent to one wallet, then spread across 40 others.
Who’s Behind It?
Cybersecurity experts, including ZachXBT, linked the attack to the infamous Lazarus Group, a North Korean-backed hacking collective. This group has a history of massive crypto heists, including:
- Axie Infinity (Ronin Bridge) – $625M
- Harmony Bridge – $100M
- Atomic Wallet – $100M
- Stake – $41M
- Alphapo – $60M+
- WazirX – $230M
Park Jin Hyok, a hacker tied to Lazarus, has also been linked to the attack. He’s previously been accused of creating WannaCry, hacking Sony Pictures, and stealing from Bangladesh’s central bank.
What’s Next?
Forensic analysis confirms the tactics match Lazarus’ usual methods. Authorities and blockchain experts are now tracking the stolen funds, but it’s unclear if Bybit will recover any of it.
S Taylor is a professional crypto trader with five years of experience, having navigated a wide range of market dynamics and witnessed numerous scams firsthand. As a former victim of scams, S Taylor turned their focus to blockchain forensics and Solidity Smart Contract development, gaining deep technical expertise in the field. With a unique insider’s perspective, they’ve been involved in various crypto projects, where they’ve seen how developers can exploit vulnerable investors.
S Taylor is also the published author of Meme Coins Made Easy, a comprehensive guide that teaches beginners about cryptocurrency and how to identify and avoid common scams. S Taylor is dedicated to sharing valuable insights and helping the crypto community stay informed and safe.
