Bybit hacked - $1.4 billion in ETH

[SamReomo]

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.

[Bobcrypto]

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.

[Z-tight]

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.

[Zed0X]

I read somewhere that this is the karma to the Bybit CEO for calling Pi like a scam 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.

~
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?

[TryNinja]

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.

[TomPluz]

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.

[bayu7adi]

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...

[rdluffy]

... 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


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

[Faisal2202]

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.

[Asiska02]

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.

[Baofeng]

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.

[Z-tight]

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.

[KincaidT]

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.

[Faisal2202]

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.

[rdluffy]

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..