Bybit Suffers Major $1.5 Billion Hack, Linked to North Korean Hackers
Bybit cryptocurrency exchange was hacked, losing $1.5 billion in a sophisticated scheme, with North Korean hackers suspected to be involved.
Overview
Bybit, a major cryptocurrency exchange, reported a hack that resulted in the theft of $1.5 billion worth of digital assets. The attack compromised Bybit's cold wallet, predominantly affecting Ethereum. CEO Ben Zhou reassured customers that all other funds are safe and that the company can cover the losses even if the stolen crypto isn't recovered. The breach is linked to North Korea’s Lazarus Group, known for high-profile crypto thefts. The incident has triggered a wave of withdrawal requests, but Zhou stated that operations remain stable with additional financial measures in place.
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The hack involved deceiving wallet signers through a manipulated user interface and URL, leading them to unknowingly approve a malicious transaction that altered the smart contract logic of Bybit's Ethereum cold wallet.
Researchers suspect that the hack was carried out by North Korea's Lazarus Group, a state-sponsored hacking collective known for previous high-profile cryptocurrency thefts.
Bybit has secured a bridge loan to cover the losses and has assured customers that all other funds are safe and that the company remains solvent.
The hack highlights security vulnerabilities in the industry, particularly with offshore exchanges lacking strong regulatory oversight, and underscores the need for improved security protocols to prevent future large-scale thefts.
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