On the evening of February 21, a suspicious movement of funds amounting to over $1.46 billion was detected from Bybit, marking the largest theft in cryptocurrency history.
Timeline of the Incident: Anomalies and Market Reaction
On the night of February 21, blockchain analyst ZachXBT reported a $1.46 billion outflow from Bybit's cold wallet. The funds started being exchanged for ETH on decentralized exchanges, causing a sharp market downturn with Bitcoin dropping by 3% and Ethereum by 5%, resulting in losses of $572 million for investors.
Attack Methods: Fake Interfaces and Contract Manipulation
Bybit CEO Ben Zhou disclosed that hackers created a fake multi-signature Safe interface and altered the wallet's contract with malicious commands, stealing 401,347 ETH and equivalent stETH.
Industry Response and Challenges
Bybit has committed to transparency, pledging to compensate users. Major exchanges like Binance and Bitget transferred funds to a joint wallet to support Bybit, showing strong industry collaboration.
Identifying the Culprits: Trails of North Korean Hackers
Soon after the incident, ZachXBT provided evidence linking the attack to the North Korean group Lazarus Group. The attack's characteristics match those of previous operations by the group.
The $1.46 billion theft from Bybit underscores the vulnerability of the crypto industry, challenging its security and calling for a collective response. This incident reinforces the need for collaborative defense and international cooperation.
