Today marked the largest heist in crypto history, as Bybit lost $1.5 billion after one of its cold wallets was compromised. This led to over 350,000 customer withdrawal requests.
The Bybit Incident
Bybit CEO Ben Zhou noted that 99.99% of the withdrawal requests have been processed, with only 2100 remaining. He mentioned that the team was "awake all night" to fulfill customer requests and respond to their inquiries through social media.
Support from Bitget
Crypto exchange Bitget transferred 40,000 ETH, valued at $106 million, to Bybit as a loan to facilitate customer withdrawals.
Lazarus Group's Role
According to analysis firm Elliptic, the North Korean group Lazarus is responsible for this hack. Known for their involvement in cyberattacks and laundering money for the North Korean regime, they carried out previous heists, enriching their arsenal. Tom Robinson from Elliptic stated that they have tagged the thief’s addresses to prevent cashing out through other exchanges.
This incident underscores the vital importance of security in the cryptocurrency world. Despite Bybit's swift actions and aid from Bitget, such attacks pose threats to the stability of the crypto market and call for tougher protective measures.
