In the Last 2 Days, you may heard the news of the Bybit Lazarus Group hack.
On 21 February Bybit, one of the biggest and most popular cryptocurrency exchanges, announced that it had been hacked with an estimated $1,46 billion worth of digital assets. The attack targeted Bybits Ethereum cold wallets, with 401,347 ETH.
The incident occurred during a routine transfer from a Bybit cold wallet to a warm wallet. The attacker implemented a method displaying the correct address but altering the underlying smart contract logic.
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Blockchain analytics firms Arkham and ZachXBT submitted definitive proof that this attack on Bybit was performed by the LAZARUS GROUP.
Will this affect any user? No, Bybit says all of their user’s assets are backed 1 to 1, and they can cover the loss. The CEO of Bybit posted on his X handle that since the hack they have experienced the most withdraws they have ever seen.
Bybit is pledging 10% of recovered funds to reward ethical cyber and network security experts who will play an active role in retrieving the stolen cryptocurrencies in the incident.
If the funds are fully recovered (mostly impossible) the amount of total bounty would be almost $140 Million. Many Blockchain analytics posted on X that they are selling Ethereum and trying to buy Bitcoin from that money.
