Recently, hackers from the Lazarus Group stole 400,000 ETH worth $1.5 billion from the cold wallet of the cryptocurrency exchange Bybit. This event highlights the vulnerability of even major centralized exchanges to cyberattacks.
Lazarus Group: A Decade of Cyber Heists
The Lazarus Group has been causing disruption in cyberspace since 2010, with major thefts including Axie Infinity ($625M), Atomic Wallet ($100M), and Harmony Bridge ($100M). They not only steal funds but are adept at sitting on them for long periods, awaiting the right moment. In 2022, Chainalysis reported that Lazarus still held $55M from past hacks. Victims never see their money again.
How The Lazarus Group Hacked Bybit
The attack was aimed at Bybit's multi-signature cold wallet for ETH. Hackers used a fake interface to alter transaction data, allowing them to deceive signers and approve the transfer. The stolen ETH was then distributed to 53 different wallets to complicate tracking.
What Happens Next?
The Lazarus Group is now laundering the stolen funds. Some assets have been frozen, and experts continue to track transactions in real-time. However, Lazarus isn't in a rush. Their strategy is to wait until attention fades. Meanwhile, the attack renews concerns about the security of centralized exchanges.
This incident underscores the need for strengthened security measures in cryptocurrency companies. Experts call for improved multi-signature systems and transaction verification to prevent such attacks in the future.
