Bybit Hacking Mastermind, Lazarus Group is at It Again!

Bittime - Today, Bybit suffered a hack that resulted in losses of more than $1.5 billion. The hacking group from North Korea, Lazarus Group, is suspected to be the mastermind behind this incident.

This Bybit hacking is said to be one of the largest in crypto history. Read this article to find out more!

Evidence of Lazarus Group's Involvement in the Bybit Hacking

Blockchain investigation platform Arkham Intelligence has submitted strong evidence at 02:09 WIB, indicating that the Bybit hack was carried out by the Lazarus Group. 

The evidence submitted includes analysis of test transactions as well as digital wallet connections used before exploitation occurred. There are also various forensic charts and time analyzes that support these allegations.

The evidence has been shared to the Bybit team to help with further research. Currently, Bybit is still trying to overcome the impact of the hack that occurred today.

Read Also: Bybit Gets Hacked! Details of the Incident, Perpetrators, and Effects on the Crypto Market 

User Fund Withdrawal Process Post Bybit Hacking

After the Bybit hack occurred, Bybit CEO and co-founder, Ben Zhao, confirmed that the company would continue to process all user withdrawals even though it was in the review stage. 

It is hoped that this statement will provide certainty for users who are worried about the security of their funds.

As a preventative and mitigation measure, Arkham Intelligence is offering a reward of 50,000 ARKM, which is equivalent to approximately $32,000, for anyone who can provide further information regarding the mastermind behind the Bybit hacking.

Bybit Hacking: Biggest in History

Bybit hacking is considered the largest crypto asset theft that has ever occurred in the history of the crypto industry. 

Ben Zhao also revealed that the company is currently exploring the possibility of obtaining emergency loans from its strategic partners to stabilize platform operations.

This situation is reminiscent of a similar incident in 2024. DMM Bitcoin, a Japanese crypto trading platform, also experienced a major hack that resulted in the loss of more than 4,500 BTC, equivalent to $300 million at the time.

Read Also: Indodax and BingX Hackers Allegedly the Same, North Korean Hacker Lazarus Group? 

Lazarus Group Attack Pattern

Lazarus Group has long been known as the mastermind behind various hacks against the crypto industry. 

Based on previous investigations, this group is suspected of being involved in the Bitcoin DMM hack, with money laundering methods similar to what occurred in the attack on Bybit.

Blockchain analyst ZachXBT noted that the fund laundering techniques used in the Bybit hack have similarities to patterns previously carried out by the Lazarus Group. 

The Impact of the Bybit Hacking on the Crypto Industry

This Bybit hacking once again emphasizes the importance of security in the crypto world. This incident could impact investor confidence in crypto trading platforms and increase demands for stricter security regulations.

Currently, the investigation is still ongoing, and the global crypto community is waiting for the next steps from Bybit and the relevant authorities in handling this case. 

In the midst of emerging concerns, one thing is certain: cyber security in the crypto industry is now a major concern for all industry players.

Read Also: WazirX Hack: Chances of Customers Getting Refunds Are Very Small 

Cryptocurrency FAQs

What is Cryptocurrency?

Cryptocurrencies are digital assets that use blockchain technology to secure transactions, control the creation of new units, and verify asset transfers. Examples of the most popular cryptocurrencies are Bitcoin and Ethereum.

Apa Cryptocurrency Aman?

Cryptocurrencies are relatively safe because they use blockchain technology, but they remain vulnerable to hacking if not stored properly. Use a secure digital wallet and avoid sharing passwords for extra security.

Is Cryptocurrency Legal in Indonesia??

Cryptocurrencies are legal in Indonesia as digital assets and can be traded on platforms registered with CoFTRA. However, cryptocurrency has not been recognized as a legal means of payment in Indonesia.

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Reference

The Block, North Korea's Lazarus Group responsible for Bybit hack resulting in losses of over $1.5 billion: Arkham, accessed January 22, 2025.

Author: IPR