Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: rdluffy on February 21, 2025, 10:40:00 PM
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Yes, this is the biggest hack in all of crypto history
(https://i.ibb.co/JWm2r70M/by.png) (https://ibb.co/wZBCpW3x)
Source: https://x.com/Bybit_Official/status/1892965292931702929
Some updated news, ZACHXBT already solved who did this, and no surprises here: LAZARUS GROUP from North korea, again...
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Damn, it's huge amount and it seems that the Lazarus group has hit a jackpot here.
I'm not sure if the funds are SAFU though.
In a hindsight, this could be result of West putting a embargo on this rouge nation and now they are taking crypto by storm since 2018 as they've hack a lot of exchanges and others that involved in crypto.
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Yes, this is the biggest hack in all of crypto history
(https://i.ibb.co/JWm2r70M/by.png) (https://ibb.co/wZBCpW3x)
Source: https://x.com/Bybit_Official/status/1892965292931702929
this is indeed big considering it seems like ethereum and altcoins were entering a good time already
bybit was also being regarded highly by many crypto investors and entrusting their crypto to the platform i am not a user of bybit but i am curious what would be the consequences to this i am sure many would lose their trust on the platform even if they say that all clients’ funds are safe
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This has been wild, and even many lay people have PM'd me with this news, and it has arrived. Everything that has happened is catastrophic, but I appreciate Bybit's concern about being able to be transparent. I understand companies like that, but I'm not sure what the total effects will be, knowing that that amount of money was gotten from them.
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Damn, it's huge amount and it seems that the Lazarus group has hit a jackpot here.
I'm not sure if the funds are SAFU though.
In a hindsight, this could be result of West putting a embargo on this rouge nation and now they are taking crypto by storm since 2018 as they've hack a lot of exchanges and others that involved in crypto.
We are going to see a huge round of new sanctions from this as a result...
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Damn, it's huge amount and it seems that the Lazarus group has hit a jackpot here.
I'm not sure if the funds are SAFU though.
In a hindsight, this could be result of West putting a embargo on this rouge nation and now they are taking crypto by storm since 2018 as they've hack a lot of exchanges and others that involved in crypto.
We are going to see a huge round of new sanctions from this as a result...
If the hacker was from another country, there would still be some chance of the authorities doing something, but what country is going to be able to do something about North Korea?
This is already becoming very damaging to the entire crypto industry and it's almost impossible to access something from that dictator
I really hope that the crypto community can somehow do something so that no hacker from that dictator will ever be able to access anything in this way
The only current solution I see is for the hacker to make a mistake in USDC or USDT and for the companies to be able to freeze the balances, but the way the hack was done I doubt they will make that simple mistake this time around
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If the hacker was from another country, there would still be some chance of the authorities doing something, but what country is going to be able to do something about North Korea?
This is already becoming very damaging to the entire crypto industry and it's almost impossible to access something from that dictator
I really hope that the crypto community can somehow do something so that no hacker from that dictator will ever be able to access anything in this way
The only current solution I see is for the hacker to make a mistake in USDC or USDT and for the companies to be able to freeze the balances, but the way the hack was done I doubt they will make that simple mistake this time around
Yes, North Korea is said to be supporting Lazarus to attack investors in the crypto market. Perhaps Lazarus also has its own spending because the money they appropriate will be added to the national budget as revenue from attacking enemies ^^
I am not sure that the North Korean government will cooperate to investigate and punish these hackers, even hackers may be commended for defeating capitalists around the globe @@ Lazarus has become very professional, they will not easily make silly mistakes like touching USDT or CEXs.
I hope that Bybit will be able to overcome these losses soon. They cannot hope that Lazarus will return crypto assets to them, they can only rely on themselves and their partners in the crypto market.
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Damn, it's huge amount and it seems that the Lazarus group has hit a jackpot here.
The Lazarus group is a problem that won't go away; this will have a bad impact to the whole industry if these groups continue their operations, they are living by hacking eventhough North Korea's economy is very bad
I'm not sure if the funds are SAFU though.[/quote]
The funds are just too huge; they may not be able to secure all of their users' funds. We're still waiting for the official announcement coming from Bybit, I'm sure there will be massive withdrawals if they open the exchange.
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Yes, this is the biggest hack in all of crypto history
It is the biggest hack in the history of crypto for now and will be talked about often, but likely will not be the last hack. Hackers will always try their best to make sure that they find a way to steal from individuals and even exchanges, so investors should take it upon themselves as a personal responsibility not to become victims of this.
Storing your crypto on any exchange is always a big risk.
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Yes, we all heard the bad news about the Bybit exchange being hacked, which is probably the second largest exchange after Binance, and it is said that this is the biggest hack in the history of cryptocurrencies.
If it is really the Lazarus group that did the hack, then it can be said that the money is lost forever because no one will be able to reach them in North Korea under the protection of the crazy tyrant, we can see here a unique case where international sanctions and embargoes on North Korea turn into a great advantage for this group instead of being a curse.
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I am not sure that the North Korean government will cooperate to investigate and punish these hackers, even hackers may be commended for defeating capitalists around the globe @@ Lazarus has become very professional, they will not easily make silly mistakes like touching USDT or CEXs.
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Perhaps the most worrying and curious fact of all is that the Lazarus Group is supposed to be run by the North Korean government itself >:(
And it's not hard to believe...
Given that access to the internet and the world's information is not accessible to any citizen and the country is extremely closed, we can have a good clue about the real group and their link to government
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again its Lazarus Group? i don't know if you would buy such news. but even if non can link the Lazarus Group to Nokor government, the US as one that implements sanctions are always going to sanction a country that has been the bogeyman since.
maybe they will try using the Sokor to attack the country once and for all just to get back on them. the whole world will not care anyway if Nokor suffers.
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again its Lazarus Group? i don't know if you would buy such news. but even if non can link the Lazarus Group to Nokor government, the US as one that implements sanctions are always going to sanction a country that has been the bogeyman since.
maybe they will try using the Sokor to attack the country once and for all just to get back on them. the whole world will not care anyway if Nokor suffers.
Yeah some news mentioned another Lazarus group that reacted in this big hack on Bybit.
Other countries will find it difficult to impose sanctions on the North Korean state because it is always closed and these hackers are surrounded by their government so it will be difficult to sanction.
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The amount they lost here is a lot, $1.4 billion, and since it happened they have experienced thousands of withdrawals, their customers now want to be their own bank, lol. Funds are only safu when they are in your self custodial wallet, do not believe custodial services when they tell you that you cannot safely store your seed phrase.
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Sheesh, that is so huge amount. How a cold wallet was compromised. As long as the exchanges will cooperate to block the hackers address it should be fine, worst if there is a mixer for eth which i don't know if there is still unlike when tornado cash is still here.
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worst if there is a mixer for eth which i don't know if there is still unlike when tornado cash is still here.
Or who knows if there's another loophole in Ethereum's code that most of us might not know. Well, such thing didn't happened in past and that's why we can't say much about it but it's still strange that how hackers managed to steal money from cold wallet of ByBit.
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It is a sad situation on the crypto space, too many hacks with huge losses, and unfortunately, Bybit exchange saga. It is clearly now that everything about cryptocurrency has become a big thing, we have been hearing different sad stories this days, kidnapping for crypto ransom and different hack news, and there seems to be no solution in sight.
However, i heard that supports came from Binance and Bitget exchanges with some Etheruem donations, at least, to strengthen Bybit exchange and the entire crypto market from collapse. Obviously, this is a good gusture, it will go a long way to strengthen the market and bring back trading and investments confidence into the market.
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It is a sad situation on the crypto space, too many hacks with huge losses
It is something we have known for a very long time, since mt. Gox actually, any funds in a centralized exchange is risky, they could get hacked and you will lose your funds, the crypto industry knows that and this is actually nothing new. The good thing for bybit customers is that the exchange was able to stay solvent because of the help they received from other services, now we would see if they can sustain their business.
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I read somewhere that this is the karma to the Bybit CEO for calling Pi like a scam ;D Those who have that token celebrated the hack like it was a retribution.
Same culprit again eh? Next news we're probably going to read/hear regarding this is catching the middle man trying to 'clean' the hacked crypto.
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Or who knows if there's another loophole in Ethereum's code that most of us might not know. Well, such thing didn't happened in past and that's why we can't say much about it but it's still strange that how hackers managed to steal money from cold wallet of ByBit.
Or maybe it wasn't as 'cold' as Bybit claim it to be?
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worst if there is a mixer for eth which i don't know if there is still unlike when tornado cash is still here.
Or who knows if there's another loophole in Ethereum's code that most of us might not know. Well, such thing didn't happened in past and that's why we can't say much about it but it's still strange that how hackers managed to steal money from cold wallet of ByBit.
Wut? "Another" implies there was one once, which loophole in Ethereum's code was this?
Are you saying they stole the money by using a loophole on the blockchain's code? That doesn't make sense, it's already public known that Bybit's multisigners signed a transaction that looked legit because of an UI being intercepted and altered, human error.
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Yes, North Korea is said to be supporting Lazarus to attack investors in the crypto market. Perhaps Lazarus also has its own spending because the money they appropriate will be added to the national budget as revenue from attacking enemies ^^
I think North Korea's rogue government under the dictator Kim Jong Un is not supporting this famous Lazarus group but is in fact the one who created this group for the main purpose of creating havoc in the cryptocurrency industry as they are seeing the HUGE opportunity right under their eyes. All I am wondering is how come the USA could not come up with more talented, genius and more innovative group of its own hackers that can counteract the movements of this group...and on the business side there is a big market for security on this side just worth waiting to exploit. The thing is that we need more secured technology that goes beyond and above this Lazarus thing. I have been saying this for years...a hack today will not be the last and there can be even bigger hacks in years to come. I am sad to see Bybit being another victim of a huge hack and the cost is more than a billion dollar. How will Bybit be able to survive this can be a good thing to analyze and can be a good model for other exchanges to learn from. The Lazarus group is using sophisticated technology available...and that is where the answer is...we need better and robust technology to safeguard exchanges.
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If the hacker was from another country, there would still be some chance of the authorities doing something, but what country is going to be able to do something about North Korea?
This is already becoming very damaging to the entire crypto industry and it's almost impossible to access something from that dictator
I really hope that the crypto community can somehow do something so that no hacker from that dictator will ever be able to access anything in this way
The only current solution I see is for the hacker to make a mistake in USDC or USDT and for the companies to be able to freeze the balances, but the way the hack was done I doubt they will make that simple mistake this time around
Location masking seems easier for hackers, and hacking Bybit wallet is something difficult.. so seeing the level of hacker this time, it is really concerning that he is a very professional expert... I did not hear any news about North Korea being involved in this incident (if there is any news related to it, I would be very happy if you send the information link to the post here too)... so, it is possible that the hacker faked his location, such as manipulating the GPS location or masking the IP Address in his own way...
I mean, someone's confession or claim against Lazarus could be a diversion.
For bybit, I salute you... because the platform can guarantee the security of its users' funds... no need to panic...
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... I did not hear any news about North Korea being involved in this incident (if there is any news related to it, I would be very happy if you send the information link to the post here too)...
As far as I know, Lazarus group is linked to North Korea government
(https://i.ibb.co/x8gT9744/nk.png) (https://imgbb.com/)
Source: https://www.nbcnews.com/tech/crypto/hackers-steal-15-billion-exchange-bybit-biggest-ever-crypto-heist-rcna193273
There's Wikipedia article too that says Lazarus is linked to NK
https://en.wikipedia.org/wiki/Lazarus_Group
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Some updated news, ZACHXBT already solved who did this, and no surprises here: LAZARUS GROUP from North korea, again...
How did these hacker abled to make transaction from a multisig wallet which was masked? I mean they first have to get into the main cold wallet to make that transaction right! Whatever this is all bad and the lazarus group is going out of hand now they should be investigated they can't everytime blam NK for this while this can't be done by the hackers of NK this is a whole international organization I assume.
I hope they will be caught and stopped but this hack was a indication for all of us that we should not keep our funds on one or two exchanges.
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Some updated news, ZACHXBT already solved who did this, and no surprises here: LAZARUS GROUP from North korea, again...
How did these hacker abled to make transaction from a multisig wallet which was masked? I mean they first have to get into the main cold wallet to make that transaction right! Whatever this is all bad and the lazarus group is going out of hand now they should be investigated they can't everytime blam NK for this while this can't be done by the hackers of NK this is a whole international organization I assume.
This is actually impossible without an insider’s information. Such a large funds from a cold wallet is not easy to get compromised without big help from an insider. Now that they know the group related to the hack, working collectively with other exchanges this funds may have been linked to should suffice for their losses.
I hope they will be caught and stopped but this hack was a indication for all of us that we should not keep our funds on one or two exchanges.
Leaving small amount in exchange is better and never should one have full trust in them as your funds can never be SAFU and should have in mind that anything can happen at anytime. Bybit is a trusted exchange, we never could tell any other trusted exchange this can happen to.
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Some updated news, ZACHXBT already solved who did this, and no surprises here: LAZARUS GROUP from North korea, again...
How did these hacker abled to make transaction from a multisig wallet which was masked? I mean they first have to get into the main cold wallet to make that transaction right! Whatever this is all bad and the lazarus group is going out of hand now they should be investigated they can't everytime blam NK for this while this can't be done by the hackers of NK this is a whole international organization I assume.
I hope they will be caught and stopped but this hack was a indication for all of us that we should not keep our funds on one or two exchanges.
It might be very technical, but we all know that as state sponsored, they have all the tools to do that, and maybe those hackers are really well depth as far as knowledge goes that's why they were able to see those loopholes and then they exploit is.
I do not know as the obviously, no one has jurisdiction over this rouge nation and so I doubt that they will be captured in the future.
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For bybit, I salute you... because the platform can guarantee the security of its users' funds... no need to panic...
With the help of other industry services, bybit were able to keep withdrawals going and they are still working, that does not mean that they guarantee anything, they lost $1.4 billion, that is enough to show anybody that your funds are never safe in a centralized exchange.
Not your keys, not your coins, and the next service that might be hacked may not get the kind of support that bybit received, and you will be in trouble if you have funds there.
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This is a massive breach but unfortunately, not surprising given Lazarus Group's history of targeting crypto platforms. Their involvement in past hacks shows how sophisticated and persistent they are. It's a strong reminder that security in crypto needs to be constantly evolving. Hopefully, Bybit's reponse and bounty program will help track and recover some of the stolen funds.
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It might be very technical, but we all know that as state sponsored, they have all the tools to do that, and maybe those hackers are really well depth as far as knowledge goes that's why they were able to see those loopholes and then they exploit is.
I do not know as the obviously, no one has jurisdiction over this rouge nation and so I doubt that they will be captured in the future.
You are right the organization is not dependent on one person I assume so capturing one or two won't stop the hackings. I read about Lazarus group a long time ago that how they have partnered with some other groups too and they have form a community I assume
Many even say like you said, Lazarus group is backed by NK a whole state so they must have proper resources as far as I know in NK people don't even have access to internet so it would be really hard for their hackers to perform their operations without state help.
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Many even say like you said, Lazarus group is backed by NK a whole state so they must have proper resources as far as I know in NK people don't even have access to internet so it would be really hard for their hackers to perform their operations without state help.
Exactly, this is the reason why it's even more difficult to reach the hackers or at least have some cooperation of some organization in the country to help identify, punish and try to get the money back
The average NK citizen has no access to the internet
The level of sophistication of the hack is also remarkable, it is easy to assume that for someone to reach this level they need constant access to the internet and a vast knowledge of crypto, programming, English etc..
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Hopefully, Bybit's reponse and bounty program will help track and recover some of the stolen funds.
I am not too optimistic about their chances of recovering the stolen funds from these hackers, despite the offer of a 10% reward for any recovered funds. The kind of scammers that can pull off this hack will be smart in hiding traces, though it is going to be very difficult for them to cash out this kind of money into fiat, but they would not mind leaving it in crypto and staying under the radar for years.
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This is actually impossible without an insider’s information. Such a large funds from a cold wallet is not easy to get compromised without big help from an insider. Now that they know the group related to the hack, working collectively with other exchanges this funds may have been linked to should suffice for their losses.
The investigation was really big they even asked exch for help and some other platforms to fill the gap bybit has bought the same amount of ETH though, but on some telegram, I saw their admins trying to misguide people by saying Bybit has recovered all the funds from this hacker. While they have not, and speaking of insider information, this can't be true because they don't need one, these hackers just need a loophole in the technologies of these exchanges, liquidity providers etc. so they could break in.
Leaving small amount in exchange is better and never should one have full trust in them as your funds can never be SAFU and should have in mind that anything can happen at anytime. Bybit is a trusted exchange, we never could tell any other trusted exchange this can happen to.
You are right no one could have thought this would happen to Bybit or maybe next Binance therefore we should trust exchanges who knows the technologies they are using while I assume Bybit did not knew the nature of the cold wallet.
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Exactly, this is the reason why it's even more difficult to reach the hackers or at least have some cooperation of some organization in the country to help identify, punish and try to get the money back
The average NK citizen has no access to the internet
The level of sophistication of the hack is also remarkable, it is easy to assume that for someone to reach this level they need constant access to the internet and a vast knowledge of crypto, programming, English etc..
They can't be new to this field and that's why I said they can't be alone in this they have others to help them from outside and to be honest they can use anyone providing their services if they are using internet.
It does not matter either they are alone, backed by government, or grouped with outside world, they should be investigated and proper precautions by the exchanges should be done.
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It does not matter either they are alone, backed by government, or grouped with outside world, they should be investigated and proper precautions by the exchanges should be done.
Why is North Korea blamed for most of the recent hacks that has happened in the crypto industry for sometime now, is there really sufficient proof to back up these claims that these hackers are from North Korea and that they are backed by their government. I believe there are hackers in other parts of the world, it is like everyone has forgotten about that, and the moment there is a hack, all fingers point at NK.
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It does not matter either they are alone, backed by government, or grouped with outside world, they should be investigated and proper precautions by the exchanges should be done.
Why is North Korea blamed for most of the recent hacks that has happened in the crypto industry for sometime now, is there really sufficient proof to back up these claims that these hackers are from North Korea and that they are backed by their government. I believe there are hackers in other parts of the world, it is like everyone has forgotten about that, and the moment there is a hack, all fingers point at NK.
I also questioned this why North Korean has been blame though. But I still think that this is the only way for them to really survived against the sanctions against them by the West.
That's why they established their Lazarus group, and make the best out of it. And if I'm not mistaken, it's first mission is to do cyber attacks. But they shift focus on hacking crypto exchange because it's more lucrative and it become business for them.
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I also questioned this why North Korean has been blame though. But I still think that this is the only way for them to really survived against the sanctions against them by the West. That's why they established their Lazarus group, and make the best out of it. And if I'm not mistaken, it's first mission is to do cyber attacks. But they shift focus on hacking crypto exchange because it's more lucrative and it become business for them.
Essentially you answered your own question on Lazarus hackers. I don't think this North Korean backed hackers are just scapegoat of the many hacks that occurred in the cryptocurrency industry...there is an established linkage and analysis on this conclusion. We only have to use Google or even Bing to search more details on Lazarus and why it is being attached to different successful hacks in the past and recently with Bybit. Now, am sure that because this is a very lucrative enterprise there can be more huge hacks into the future as this group is really equipped with expertise and technologies available on its disposal to wreck havoc on this industry.
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Here is a small update
Bybit Hack: Lazarus Group Launders $1.4B in ETH via THORChain, Converts to Bitcoin
https://thedefiant.io/news/hacks/bybit-hack-lazarus-group-launders-1-4b-eth-via-thorchain-converts-to-bitcoin-94fa64e5
Despite all of Bybit's efforts and the announced war against Lazarus, only 3% of the total hacked amount is still frozen.
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Why is North Korea blamed for most of the recent hacks that has happened in the crypto industry for sometime now, is there really sufficient proof to back up these claims that these hackers are from North Korea and that they are backed by their government. I believe there are hackers in other parts of the world, it is like everyone has forgotten about that, and the moment there is a hack, all fingers point at NK.
You might not see any proof because several agencies have investigated that these hacks are done by the Lazarus group and the group is supporting North Korea so either they love North Korea or North Korea is supporting them or the group belongs to North Korea. Whatever the reason is, this group is more active than any from Russia or China.
World is full of hacks there is no doubt to that, everyone is pointing fingers towards them because they belong to NK but looking into this matter individually is more important. But if I have to calculate that does all hacks belong to NK then I would say no 100% they are not (at least every).
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Here is a small update
Bybit Hack: Lazarus Group Launders $1.4B in ETH via THORChain, Converts to Bitcoin
https://thedefiant.io/news/hacks/bybit-hack-lazarus-group-launders-1-4b-eth-via-thorchain-converts-to-bitcoin-94fa64e5 (https://thedefiant.io/news/hacks/bybit-hack-lazarus-group-launders-1-4b-eth-via-thorchain-converts-to-bitcoin-94fa64e5)
Despite all of Bybit's efforts and the announced war against Lazarus, only 3% of the total hacked amount is still frozen.
I was surprised that TornadoCash or any of the Ethereum mixers were not mentioned. However, through multi-chain decentralized exchange, hackers were able to make 20% of transactions untraceable. Unfortunately, such use will be a reason for attacking all decentralized bridges and decentralized exchanges.
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Here is a small update
Bybit Hack: Lazarus Group Launders $1.4B in ETH via THORChain, Converts to Bitcoin
https://thedefiant.io/news/hacks/bybit-hack-lazarus-group-launders-1-4b-eth-via-thorchain-converts-to-bitcoin-94fa64e5
Despite all of Bybit's efforts and the announced war against Lazarus, only 3% of the total hacked amount is still frozen.
Yes, and this hack alone was so much that it's bigger of all the hacks combine last year.
Bybit should chance their stance and instead of talking about going on war against the Lazarus group, they should need cooperation of everyone to track and freeze the money trail.
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Here is a small update
Bybit Hack: Lazarus Group Launders $1.4B in ETH via THORChain, Converts to Bitcoin
https://thedefiant.io/news/hacks/bybit-hack-lazarus-group-launders-1-4b-eth-via-thorchain-converts-to-bitcoin-94fa64e5
Despite all of Bybit's efforts and the announced war against Lazarus, only 3% of the total hacked amount is still frozen.
In Bybit's Bounty report - Lazarus has successfully converted $1B of ETH to BTC via Thorchain, this is crazy maybe Lazarus wants to move all to Bitcoin?
Actually still confused - where will Lazarus cash out this hacked money? Will they spend it in Bitcoin? After the trail is gone?
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I also questioned this why North Korean has been blame though. But I still think that this is the only way for them to really survived against the sanctions against them by the West.
That's why they established their Lazarus group, and make the best out of it. And if I'm not mistaken, it's first mission is to do cyber attacks. But they shift focus on hacking crypto exchange because it's more lucrative and it become business for them.
When I came to know about Nk and Lazarus Group, I also thought they are being cut off from the west that's why they are stealing from the rest of the world and crypto has given them an edge here, but I was wrong, they did all those hacks on some purpose because they were trading to their neibhours have some support, and they were getting capital too so they don't have to hack anyone.
And crypto did not give them an edge because they tried to hack other technologies too, like Sony's hack. The world is just focusing attention towards NK to cover something else.
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they should need cooperation of everyone to track and freeze the money trail.
They have already offered a 10% bounty on any recovered funds, there is nothing else they can do, they are also working with other industry players to help them recover any funds that hit their platform. However, take note that the scammers are also very smart, so they know the services and coins they should use.
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They have already offered a 10% bounty on any recovered funds, there is nothing else they can do, they are also working with other industry players to help them recover any funds that hit their platform. However, take note that the scammers are also very smart, so they know the services and coins they should use.
these hackers and scammers would not be able to steal the money in the first place if they weren't smart plus the bybit hackers are well known and have been notable for hacking way before so you should expect that they would not be putting a foot down and they will do everything to make sure that they successfully take away the stolen tokens and benefit from it
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This is a massive breach but unfortunately, not surprising given Lazarus Group's history of targeting crypto platforms. Their involvement in past hacks shows how sophisticated and persistent they are. It's a strong reminder that security in crypto needs to be constantly evolving. Hopefully, Bybit's reponse and bounty program will help track and recover some of the stolen funds.
It just shows that hackers are constantly adopting to the environment. It just shows that hackers are still learning how to breach the security of these exchanges, and not only exchanges, but other platforms as well. Knowing that they're Lazarus, they've been into lots of hacking incident that is related to crypto for the past few years already. Well, it's their way of funding them so... yeah, and they're good at it. :D
On the flip side, the security of these exchanges will only become stronger once they get hacked. Some might not even upgrade their security despite of the hacking incident that happens to them.
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If we never be a victim of any form of hack, we may not know what and how it feels to be affected by this kind of scenario, though we have been saying but over and again that people should understand also the difference between a custodial and non custodial wallet, if they had known, majority would not have taken their entire asset centralized exchange for any reason, and now the can't help reverse the ugly situation.
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If we never be a victim of any form of hack, we may not know what and how it feels to be affected by this kind of scenario, though we have been saying but over and again that people should understand also the difference between a custodial and non custodial wallet, if they had known, majority would not have taken their entire asset centralized exchange for any reason, and now the can't help reverse the ugly situation.
You were not hacked because you are not a vector of attacks.
professional hackers are not going to try to hack you to get 500 usd, they prefer to hack millions from exchanges, casinos, mixers, etc... Those are the true vector of hackers.
Although people really a lot in exchanges, i understand that keeping a small amount of money in exchanges is handy when you are trading altcoins, which sometimes are complicated to hold them by yourself in your own wallet
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If we never be a victim of any form of hack, we may not know what and how it feels to be affected by this kind of scenario, though we have been saying but over and again that people should understand also the difference between a custodial and non custodial wallet, if they had known, majority would not have taken their entire asset centralized exchange for any reason, and now the can't help reverse the ugly situation.
You were not hacked because you are not a vector of attacks.
professional hackers are not going to try to hack you to get 500 usd, they prefer to hack millions from exchanges, casinos, mixers, etc... Those are the true vector of hackers.
Although people really a lot in exchanges, i understand that keeping a small amount of money in exchanges is handy when you are trading altcoins, which sometimes are complicated to hold them by yourself in your own wallet
Well said, then on this note I count myself among the lucky ones that have not been a prey for their kind of attack, am just a crayfish holder and hackers go for the big whales, but nevertheless, I don't think any amount is too small for them to also swindle if we are being careless about how we handle our wallet security, especially if we are the type that like flaunting on all we've got to the public and being reckless in visiting sites through links.
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I read that Lazarus laundered more than half of the money through Thorchain. Ethereum is under serious selling pressure, but it still resists it well...
North Korea already has a bad image because it is closed to the outside world. Moreover, they earn everyone's hatred with incidents like this...
Fortunately, Bybit promised to pay for the stolen funds of all users, so we didn't face a bigger problem. However, stolen funds may one day fall on our heads as an atomic bomb. We must continue to be careful... :)
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Fortunately, Bybit promised to pay for the stolen funds of all users, so we didn't face a bigger problem. However, stolen funds may one day fall on our heads as an atomic bomb. We must continue to be careful... :)
Yeah, Bybit were able to handle the situation, everyone who put up a withdrawal request immediately after the incident were allowed to withdraw and since then their operation has been going on smoothly. I don't know if they will run into further problems in the future or if they are truly solvent right now, but people should not forget that 'not your keys, not your coins'.
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One interesting thing is that the market seems to have turned downwards exactly when the Bybit hack happened
Combined with the global scenario where the American stock markets have also fallen, could this be the start of the bear market?
In the past, the fall of FTX was a major milestone in the decline of cryptos...
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One interesting thing is that the market seems to have turned downwards exactly when the Bybit hack happened
Combined with the global scenario where the American stock markets have also fallen, could this be the start of the bear market?
In the past, the fall of FTX was a major milestone in the decline of cryptos...
This may as well just be a coincidence and nothing of such is going to happen. The bear market is far from coming now as their are a lot we are anticipating in the market that is yet to be seen, if they don’t happen, the the market has ultimately changed its form and not so many people will trust in the market in the coming bull cycle again. The alt season is yet to occur and I think from previous happenings, they do happen just after the bull run which we may have already witness the whole or some part of it. Ethereum is yet to reach its All time high in this bull run also, these with others are enough reason to still feel that the bearish market is not yet upon us now.
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This may as well just be a coincidence and nothing of such is going to happen. The bear market is far from coming now as their are a lot we are anticipating in the market that is yet to be seen, if they don’t happen, the the market has ultimately changed its form and not so many people will trust in the market in the coming bull cycle again. The alt season is yet to occur and I think from previous happenings, they do happen just after the bull run which we may have already witness the whole or some part of it. Ethereum is yet to reach its All time high in this bull run also, these with others are enough reason to still feel that the bearish market is not yet upon us now.
Hehehe, you're quite optimistic about ETH in particular reaching ATH again
I'm quite skeptical, but confident with cryptos, that the price can improve in a few days or weeks
However, I found it very coincidental that Bybit was hacked at the highest value in history and then the market turned downwards
A good explanation would be the big liquidation of longs that we've seen, some exchanges making big moves selling coins like Binance, who lent Bybit a lot of money to rebuild its cash flow
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could this be the start of the bear market?
I don't think so, i feel we are not close to a bear market yet and the crash was just due to the bybit hack and other issues happening around the world that can affect crypto. I don't even think we are close to the peak of the bull cycle, only then can we start talking about a bear market.
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Also interesting that SEC has lift up the ban on Tornado Cash https://home.treasury.gov/news/press-releases/sb0057
As there was as a report that the Lazarus group has used such mixer in their theft here,
North Korea-linked Lazarus Group transferred 400 ETH (worth $750,000) to Tornado Cash on March 12, 2025, likely laundering proceeds from the record $1.5 billion Bybit hack, blockchain researchers report.
https://news.bitcoin.com/north-koreas-lazarus-group-moves-400-eth-to-tornado-cash-following-1-5b-bybit-hack/
Although the US says that they are going to continue to monitor the activity of the Lazarus group if they are still going to used Tornado Cash.
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Also interesting that SEC has lift up the ban on Tornado Cash https://home.treasury.gov/news/press-releases/sb0057 (https://home.treasury.gov/news/press-releases/sb0057)
I believe this is due to the legal implications of Van Loon v. Department of the Treasury. This will provide a positive signal regarding the development of such software or the creation of decentralized protocols.
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Also interesting that SEC has lift up the ban on Tornado Cash https://home.treasury.gov/news/press-releases/sb0057 (https://home.treasury.gov/news/press-releases/sb0057)
I believe this is due to the legal implications of Van Loon v. Department of the Treasury. This will provide a positive signal regarding the development of such software or the creation of decentralized protocols.
Yes, this seems to be a very positive signal to the crypto market. And obviously, we all know that Trump's administration has been dropping it's cases as well against crypto project.
So for now we should take this as positive news, at least they are very open to this kind of crypto projects (mixer). Of course, Bybit can still go after the criminals and get their money back.