The recent hack of the Bybit cryptocurrency exchange, resulting in the loss of over $1.46 billion, is one of the largest incidents in recent years. SlowMist has revealed connections to previous hacks on BingX and Phemex.
SlowMist's Analysis
Blockchain security firm SlowMist released a detailed analysis of the Bybit hack. Hackers exploited smart contract vulnerabilities to access the platform's cold wallet, stealing over $1.46 billion in Ethereum.
Investigation and Impact
Investigator ZachXBT identified significant fund outflows from Bybit, with SlowMist confirming links to attacks on BingX and Phemex. Notably, 401,347 ETH, 8,000 mETH, 90,375.5479 stETH, and 15,000 cmETH were stolen. Arkham Intelligence is actively supporting the investigation by providing all available data.
Lazarus Group Suspected
The attack is linked to the North Korean cybercrime group Lazarus, known for high-profile cryptocurrency thefts. Evidence, including test transactions and timelines, points to techniques commonly associated with the group.
The Bybit hack highlights significant security threats to cryptocurrency exchanges and the need for stricter security measures. The connection to Lazarus raises concerns about global risks in the crypto industry.
