Lazarus Group was behind Bybit's $1.5 billion hack on Friday, Arkham Intelligence said, citing ZackXBT.
In a significant blow to the cryptocurrency industry, Bybit, one of the leading crypto exchanges, has confirmed a major security breach involving its Ethereum cold wallet. The incident, reported on Friday by Bitcoinist, marks one of the largest cryptocurrency hacks in history, with losses estimated at over $1.5 billion. Bybit Hack Linked To North Korea’s Lazarus Group According to Bybit, the breach occurred during a transfer from their ETH multisig cold wallet to a warm wallet. The exchange revealed on social media platform X (formerly Twitter) that the attack was executed through a “sophisticated manipulation” of the transaction process. This manipulation allowed the hacker to mask the signing interface, which displayed the correct wallet address while altering the underlying smart contract logic. Related Reading: Coinbase CEO’s Hot Take: Bitcoin Is Basically A ‘Meme Coin’ Subsequently, on-chain market intelligence firm Arkham Intelligence revealed that crypto sleuth ZachXBT has provided compelling evidence linking the hack to the notorious Lazarus Group, a North Korea-backed hacker organization. In his detailed analysis, ZachXBT reportedly submitted findings that included test transactions, associated wallets, forensic charts, and timing analyses. This information has been shared with Bybit to assist in its ongoing investigation. $1.44 Billion In Misappropriated Assets The scale of the breach is staggering. Estimates suggest that approximately 401,347 ETH, valued at around $1.12 billion, were withdrawn. Additionally, other assets lost in the hack include 90,376 stETH worth $253.16 million, 15,000 cmETH valued at $44.13 million, and 8,000 mETH totaling $23 million. The total estimated loss stands at approximately $1.44 billion. In light of this incident, Bybit has activated its security team and is collaborating with leading blockchain forensic experts to conduct a thorough investigation. Related Reading: Ethereum Price Prediction: Extremely Strong Support And Monthly 55 EMA Says ETH Is Headed For $4,867 The exchange has also reached out to other teams with expertise in blockchain analytics and fund recovery, inviting them to assist in tracing the misappropriated assets. It remains to be seen what further action Bybit will take with the information provided by ZachXBT and how the case will unfold regarding the misappropriated customer funds. As for ETH’s price, the second largest cryptocurrency on the market has seen a 4% retracement towards $2,640 just hours after the security breach. Featured image from DALL-E, chart from TradingView.com
Bybit CEO has said that the exchange is solvent and withdrawals remain open.
The crypto exchange ByBit has been hacked, and roughly $1.5 billion in Ethereum (ETH) has been stolen — making this one of the biggest hacks in history. On Feb. 21, the crypto trading platform stated on social media platform X that it detected unauthorized activity involving one of its Ethereum cold wallets. According to the firm: “The incident occurred […]
The post ByBit suffers $1.5 billion Ethereum heist in cold wallet breach appeared first on CryptoSlate.
The move happened as crypto exchange Bybit saw a sudden $1.4 billion worth of ETH outflow.
A portion of staked ether is currently being liquidated on decentralized exchanges.
The move is meant to help lure instituional investors and improve market transparency.
The Pi Network team has cautioned users against engaging with fraudulent Pi tokens circulating on decentralized exchanges (DEXs). In a Feb. 20 statement, the team clarified that all Pi trading pairs currently listed on these platforms are unauthorized and could be part of scams designed to deceive investors. According to the team, Pi Network has […]
The post Pi Network urges caution as fake tokens infiltrate DEXs amid scam allegations appeared first on CryptoSlate.
Elliptic, Flashbots and Binance founder CZ all reacted to Bybit's apparent $1.4 billion hack, perhaps the largest crypto theft of all time.
Bybit CEO Ben Zhou has confirmed that the crypto exchange is no longer on the blacklist of France’s financial regulator, the Autorité des Marchés Financiers (AMF). This follows over two years of engagement with the regulator to address compliance concerns. In a Feb. 14 post on X, Zhou said: “After more than 2 years of […]
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After more than two years of working with the French regulator, Bybit has come off France AMF's blacklist, the CEO of the exchange said.
Pi Network, a blockchain-based platform enabling users to mine PI coins, has set Feb. 20 as the launch date for its Open Network mainnet, according to a press statement obtained by CryptoSlate. This long-awaited transition follows several delays, with the project now claiming significant progress, including millions of KYC-verified users and a growing utility-driven ecosystem. […]
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The fine was levied by the FIU-IND last week.
Bybit CEO Ben Zhou has challenged reports that today’s crypto market liquidations totaled just $2 billion. Instead, Zhou suggested that the actual figure could range between $8 billion and $10 billion. The exchange CEO pointed to Bybit’s internal data, which recorded $2.1 billion in liquidations on the platform alone over the last 24 hours. This […]
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Bybit to Temporarily Halt Crypto Trading in India, Citing Regulations
Bybit will continue honoring user withdrawal requests despite temporarily halting other services.
Malaysia’s Securities Commission said that as of Dec. 27, Bybit had complied with its demands to disable its platforms in the country.
Malaysia’s Securities Commission (SC) has directed crypto exchange Bybit and its CEO Ben Zhou to cease all operations within the country. In a recent press statement, the financial regulator explained that the order stems from Bybit’s failure to secure the authorization to operate as a digital asset exchange (DAX) under local regulations. Regulatory crackdown The […]
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Bybit will cease withdrawal and custody services for French users by Jan. 8, 2025, amid increased regulatory pressures.
In an interview, Bitget CEO Gracy Chen surveys the geopolitics of the crypto exchange landscape, including contested territories like Nigeria, Russia and India.
Bybit’s November market report points toward Ethereum gaining traction as Bitcoin dominance fades.
Bybit, Bitget and OKX combined have 877,000 daily active users in the U.S., data from Sensor Tower shows. It's unclear if they are just checking prices, or trading in violation of the rules.
SUI has seen notable interest from investors and traders as the project has attracted a substantial influx of liquidity in the midst of rising market sentiment, underlining the growing confidence towards the crypto asset. This capital rise has increased trading activity and broadened the asset’s availability on many exchanges, indicating that the market is confident […]
The Nigerian government has dropped charges against a Binance exec, Ripple has filed an appeal, FTX settled with Bybit, and Denmark moves to tax unrealized crypto gains.
The costly meltdown of global exchange FTX is still settling big chunks of its bankruptcy drama, now securing about $228 million from Bybit to further feed the cash dispersal that was approved in court earlier this month.
The prices of Bitcoin and other digital assets were significantly lower during the 2022 collapse of FTX compared to current market prices.
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Indian crypto exchange WazirX has disclosed its proof-of-reserves (PoR) report, showing that over 40% of customer assets are stored on third-party exchanges, according to an Oct. 25 statement. The exchange said its PoR dashboard aims to promote transparency by enabling independent verification of its wallet addresses, which include the precise holdings for each asset. WazirX’s […]
The post WazirX reveals 40% customer assets held on third-party exchanges amid transparency push appeared first on CryptoSlate.
Singaporean cryptocurrency exchange Fairdesk has unveiled plans to wind down its operations in the coming month. This move comes as a surprise, as there had been no prior indications of difficulties facing the platform. However, it aligns with a broader trend of exchanges shutting down amid increasingly strict crypto regulations imposed by national authorities. Related […]
Ethena’s synthetic stablecoin USDe can benefit from incorporating UStb during periods of weak funding conditions, Ethena Labs said.