North Korean Lazarus Group Identified As Culprit In Bybit’s Historic $1.5 Billion Hack
Bybit confirmed a significant security breach involving its Ethereum cold wallet, marking one of the largest hacks in cryptocurrency history with losses exceeding $1.5 billion. The breach occurred during a transfer from a multisig cold wallet to a warm wallet, facilitated by a sophisticated manipulation of the transaction process. Evidence links the hack to North Korea's Lazarus Group, as provided by crypto analyst ZachXBT, who submitted detailed findings to assist Bybit's investigation. Approximately 401,347 ETH, valued at around $1.12 billion, along with other assets totaling approximately $1.44 billion, were misappropriated. Bybit has activated its security team and is collaborating with blockchain forensic experts to trace the lost assets. Following the breach, ETH's price retraced by 4% to around $2,640.
