Lazarus Hack Steals Over $1.5 Billion from Bybit

Lazarus Hacks Bybit: $1.5 Billion Stolen

Lazarus Hacks– In a major security breach, North Korea’s Lazarus hacking group carried out the largest-ever attack on a centralized crypto exchange, Bybit. The hack led to the theft of more than $1.5 billion worth of Ethereum (ETH) and derivative ETH tokens. The attack involved gaining access to Bybit’s Ethereum cold wallet, raising critical questions about the exchange’s security infrastructure.

How Did the Attack Happen?

Bybit first detected suspicious activity during a routine transfer from one of its multi-signature cold wallets. The transaction was manipulated using a sophisticated attack that altered the smart contract logic and concealed the signing interface, enabling the attacker to control the ETH Cold Wallet. Over 400,000 ETH and stETH tokens were transferred to an unidentified address, and the funds were further divided into several wallets.

Safe{Wallet} Under Investigation

Bybit has pointed to a potential vulnerability in Safe{Wallet}, a multi-signature wallet used by several exchanges to increase transaction security. The attack could have exploited this vulnerability, though the Safe platform is working closely with Bybit to investigate the issue.

Ethereum Security Teams’ Assessment

Ethereum security experts have expressed confidence that the Safe platform itself wasn’t compromised. The consensus among researchers suggests that Lazarus likely infected the devices of the multi-sig holders, allowing them to trick users into signing fake transactions. As a result, funds were drained from the cold wallet.

The Bigger Picture

While the details of the attack are still under investigation, it raises crucial concerns about the security of centralized exchanges and wallet platforms. The industry must learn from this event to ensure greater protection of user funds and bolster defense mechanisms against similar attacks in the future.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.