Ethena USDe (usde) 
Breaking: On-Chain Investigator ZachXBT Uncovers North Korea’s Lazarus Group Behind $1 Billion Bybit Hack
On-chain investigator ZachXBT has successfully identified North Korea’s Lazarus Group as the masterminds behind the recent Bybit hack, which resulted in losses exceeding $1.5 billion in cryptocurrency assets. ZachXBT’s thorough investigation earned him a 50,000 ARKM bounty for solving the case.
The Investigation and Evidence
ZachXBT submitted conclusive evidence linking the attack to the hacking group at 19:09 UTC, which included a detailed analysis of test transactions and connected wallets used ahead of the main attack. Bybit CEO Ben Zhao confirmed the security breach and assured users that all client withdrawals would be processed, even those under review.
The hackers exploited Bybit’s Ethereum multisig cold wallet during a routine transfer to the exchange’s warm wallet. They manipulated the signing interface, making it display the correct wallet address while altering the underlying smart contract logic.
Connections to the Phemex Hack
ZachXBT’s investigation also revealed direct on-chain connections between the Bybit incident and the recent Phemex exchange hack. The attackers commingled funds from both thefts through the same initial theft addresses, a pattern that matches the Lazarus Group’s known tactics of linking multiple exchange compromises.
Lazarus Group just connected the Bybit hack to the Phemex hack directly on-chain commingling funds from the intial theft address for both incidents.
Key Takeaways and Tips for Investors
The Bybit hack represents one of the largest cryptocurrency exchange hacks in history. To minimize risks, investors should:
* Monitor their accounts regularly for suspicious activity
* Use strong passwords and 2FA to secure their accounts
* Diversify their investments to minimize losses in case of a hack
* Stay informed about the latest security measures and best practices in the cryptocurrency space
Stay Up-to-Date with the Latest News
For more news and updates on the cryptocurrency market, visit Global Crypto News. Stay informed and stay ahead of the curve in the world of cryptocurrencies and finance.
