In the largest hacking event in cryptocurrency history, Bybit has lost approximately $1.4 billion in staked tokens, sending shockwaves through the sector.
Details of the Bybit Hack
No fewer than $1.4 billion in liquid-staked Ether, Mantle Staked ETH and other ERC-20 tokens have been looted from Bybit. Until this incident, the $600 million hack on Poly Network in 2021 was the most severe in cryptocurrency history.
Hacking Methods: How It Occurred
Trezor analyst Lucien Bourdon notes that hackers employed an advanced social engineering technique to trick signers into approving a malicious transaction.
Who is Behind the Attack?
Top blockchain security analysts from Arkham Intelligence assert that the North Korean hacker organisation Lazarus Group is behind the attack. Arkham Intelligence has offered a bounty of 50,000 Arkham tokens for information leading to those responsible.
Trust in centralised crypto exchanges has been significantly affected by this incident, demonstrating their vulnerability to cyberattacks even with sophisticated security frameworks.
