Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what’s estimated to be the largest crypto heist in history, according to NBC News.
The attack compromised Bybit’s cold wallet, an offline storage system designed for security. The stolen funds, primarily in ether, were quickly transferred across multiple wallets and liquidated through various platforms.
Ben Zhou – CEO of Bybit, posted on X: „Bybit ETH multisig cold wallet just made a transfer to our warm wallet about 1 hr ago. It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL was from @safe. However the signing message was to change the smart contract logic of our ETH cold wallet. This resulted Hacker took control of the specific ETH cold wallet we signed and transfered all ETH in the cold wallet to this unidentified address. Please rest assured that all other cold wallets are secure. All withdraws are NORMAL. I will keep you guys posted as more develops, If any team can help us to track the stolen fund will be appreciated.”
He adds: „Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.”
Analysts at Elliptic linked the attack to North Korea’s Lazarus Group, a state-sponsored hacking collective notorious for siphoning billions of dollars from the cryptocurrency industry. The group is known for exploiting security vulnerabilities to finance North Korea’s regime, often using sophisticated laundering methods to obscure the flow of funds.
Related links:
Bybit offers 10% bounty to anyone who assists in recovering funds from $1.4 billion hack
Things Started to Get Interesting in the Bybit Hack Incident: North Korean Hackers Launch Memecoin
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