In the biggest hacking event in the history of the cryptocurrency industry, Bybit has lost around $ 1.4 billion in token, Meth and ERC-20 token. The incident sent shock waves to industry. He proves that even centralized exchanges with solid safety tools are vulnerable to cyber attacks.
The best blockchain security analysts, including Arkham Intelligence, suspect the involvement of an organization of North Korean pirates, named Lazarus Group, in the hacking attack. In particular, Arkham Intelligence announced a large bonus of 50,000 Arkham tokens, worth $ 31,500, to follow those behind the attack. Here is everything you need to know.
Bybit Hack: What happened?
No less than $ 1.4 billion in liquid ether, ethn marked by the mantle and other ERC-20 tokens were folded by Bybit, the eminent crypto exchange known for its robust security system.
Until the last Hack Bybit, the hacking of $ 600 million, which Poly Network had suffered in August 2021, was the most serious hacking in the history of the cryptocurrency.
The CTO Meir Dolev Cyvers claims that there are a lot of resemblances between the last hack and the Wazirx hack of $ 230 million and the Radiant Capital Hack of $ 58 million.
How did the pirates stole $ 1.4 billion in Bybit?
Trezor analyst, Lucien Bourdon, notes that the attack was carried out using a advanced social engineering technique. According to his point of view, the attackers, using the technique, prompted the signatories to approve a malicious transaction.
Who is behind the piracy of Bybit?
The best blockchain security analysts, notably Arkham Intelligence, say that a North Korean organization of Pirates, identified as Lazarus, played a key role in the hack.
Arkham Intelligence has announced a large bonus of 50,000 Arkham tokens to follow those behind the piracy of Bybit.
Bybit’s hacking on the cryptography industry
Confidence in centralized crypto exchanges has been seriously affected due to hacking.
The incident proves that even centralized exchanges, with highly sophisticated security frameworks, are vulnerable to cyber attacks.