Bybit hacked - $1.4 billion in ETH

[rdluffy]

Yes, this is the biggest hack in all of crypto history


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...

[Baofeng]

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.

[bitterguy28]

Yes, this is the biggest hack in all of crypto history


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

[Crwth]

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.

[NotATether]

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...

[rdluffy]

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

[MrSpasybo]

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.

[robelneo]

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.

[Rruchi man]

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.

[yhiaali3]

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.

[rdluffy]

...
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.
...

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

[electronicash]

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.

[salad daging]

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.

[Z-tight]

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.

[PX-Z]

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.