🏴‍☠️ Bybit Crypto Exchange Hack: The Story Continues

🏴‍☠️ Bybit Crypto Exchange Hack: The Story Continues

To objectively assess the situation, we conducted a survey on February 21. While many joined just to see the results, 10% of respondents reported withdrawal issues.

Latest findings:

➖ According to blockchain analytics firm Elliptic, hackers stole approximately $1.5 billion in digital assets, making it one of the largest attacks in the sector. The vulnerability affected Bybit’s cold wallet, an offline storage system meant for enhanced security. Both Elliptic and Arkham Intelligence tracked how the funds were distributed, converted into BTC, and liquidated rapidly. The attackers’ addresses have been flagged, though the damage is already done.

➖ The platform eXch, used to move the funds, does not require KYC from its users and has publicly refused to cooperate with Bybit.

➖ Analysts have linked the attack to Lazarus Group, a North Korean hacking organization active since 2017, known for targeting crypto firms. It was revealed that eXch processed around $30 million for North Korea 🇰🇵.

➖ A potential Ethereum fork has been discussed, though it remains unlikely.

➖ Bybit’s operations have now stabilized. Customer funds remain fully backed at a 1:1 ratio, and user outflows have leveled off. To cover losses, Bybit secured a bridge loan from Bitget, Binance, and MEXC.

➖ Bybit has offered a 10% bounty ($140 million USD) to anyone who helps recover the stolen funds.
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