Bybit hacked - $1.4 billion in ETH

[Z-tight]

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.

[Faisal2202]

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.

[Faisal2202]

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.

[Z-tight]

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.

[Baofeng]

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.

[TomPluz]

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.

[examplens]

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.

[Faisal2202]

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).

[hugeblack]

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.

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.

[Baofeng]

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.

[salad daging]

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?

[Faisal2202]

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.

[Z-tight]

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.

[bitterguy28]

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

[LogitechMouse]

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.

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.