An on-chain investigation proved that the Bybit hack earlier today was carried out by the infamous North Korean Lazarus Group. As previous incidents showed, it will be nearly impossible to recover funds from these hackers.
Arkham Intelligence offered a bounty for strong evidence, which ZachXBT was able to provide. Apparently, Lazarus hackers used the same wallets today as in last month’s Phemex hack.
Bybit Becomes the Biggest Crypto Target for Lazarus
Bybit suffered a $1.5 billion security breach today, potentially the largest crypto hack of all time. Arkham Intelligence offered a bounty to uncover the actors behind this breach, and ZachXBT found significant evidence linking the attack to North Korea’s infamous Lazarus Group.
“At 19:09 UTC today, ZachXBT submitted definitive proof that this attack on Bybit was performed by the Lazarus Group. His submission included a detailed analysis of test transactions and connected wallets used ahead of the exploit, as well as multiple forensics graphs and timing analyses. The submission has been shared with the Bybit team,” Arkham claimed.
ZachXBT, one of the crypto community’s most famous investigators, has a lot of experience tracking the Lazarus Group. This North Korean hacker collective was responsible for nearly $1 billion worth of stolen funds last year.
Specifically, he claimed that wallets from the Bybit hack were connected to the Phemex breach in January.
At the time, this earlier breach was not clearly recognizable as Lazarus’ handiwork, but a more reliable paper trail has since been established. Now that a chain of proof exists, it must come as a relief to the community.
Immediately after the hack, some users baselessly accused Pi Network’s supporters of the crime because Bybit’s CEO criticized the project.
Bybit users have at least gotten some clarity, but it will be difficult to directly recover stolen funds from the hack. ZachXBT received Arkham tokens worth around $30,000 for this discovery. Since the attack is seemingly backed by North Korea’s nation-state actors, recovering the stolen funds would be extremely difficult.
However, Bybit hack victims at least get some peace of mind, which will hopefully prevent further false accusations from spreading.
The exchange’s CEO claims that all users will be reimbursed through existing reserves, but a solid plan hasn’t been released yet. For now, the wounds are still very fresh.
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