⌨️ How Hackers Stole $1.4 Billion from Bybit
On February 21, the crypto exchange Bybit suffered the largest hack in history, losing $1.46 billion.
The attack was carried out by the Lazarus Group, a North Korean hacking group known for large-scale cyber crimes.
🔍 How Was Bybit Hacked?
It all started with a phishing attack targeted at employees responsible for the cold wallets.
The attackers then compromised Bybit's interface and replaced the multisig wallet contract with a fake version, allowing them to access fund transfers.
As a result, 401,000 ETH ($1.46 billion) were sent to wallets controlled by the hackers.
➡️ How Did They Attempt to Launder the Stolen Funds?
🟡 They used decentralized exchanges (DEXs) to convert ETH into $BTC e DAI.
🟡 They transferred assets through cross-chain bridges.
🟡 They distributed the funds across multiple intermediary wallets to make tracking more difficult.
"The Lazarus Group always waits a few weeks or months before starting to launder the funds to avoid intense scrutiny," — highlighted Chainalysis.
➡️ But There Is Good News
The transparency of Bybit's blockchain allows for tracking the stolen assets.
The crypto community has already frozen $40 million of the stolen funds from Bybit.
The exchange continues to collaborate with public and private sector partners to block as much of the stolen funds as possible.
➡️ Conclusion
This case serves as a reminder of the importance of cybersecurity. Crypto exchanges must be more transparent in protecting users' funds.
On February 21, the crypto exchange Bybit suffered the largest hack in history, losing $1.46 billion.
The attack was carried out by the Lazarus Group, a North Korean hacking group known for large-scale cyber crimes.
🔍 How Was Bybit Hacked?
It all started with a phishing attack targeted at employees responsible for the cold wallets.
The attackers then compromised Bybit's interface and replaced the multisig wallet contract with a fake version, allowing them to access fund transfers.
As a result, 401,000 ETH ($1.46 billion) were sent to wallets controlled by the hackers.
➡️ How Did They Attempt to Launder the Stolen Funds?
🟡 They used decentralized exchanges (DEXs) to convert ETH into $BTC e DAI.
🟡 They transferred assets through cross-chain bridges.
🟡 They distributed the funds across multiple intermediary wallets to make tracking more difficult.
"The Lazarus Group always waits a few weeks or months before starting to launder the funds to avoid intense scrutiny," — highlighted Chainalysis.
➡️ But There Is Good News
The transparency of Bybit's blockchain allows for tracking the stolen assets.
The crypto community has already frozen $40 million of the stolen funds from Bybit.
The exchange continues to collaborate with public and private sector partners to block as much of the stolen funds as possible.
➡️ Conclusion
This case serves as a reminder of the importance of cybersecurity. Crypto exchanges must be more transparent in protecting users' funds.