Cryptocurrency exchange Bybit on Friday said that “sophisticated” attacks caused more than $1.46 billion in cryptocurrency from one of Ethereum’s cold (offline) wallets to steal cryptocurrency, the largest single crypto robbery in history It has been revealed that this is.
“This incident occurred when the ETH multi-signed wallet performed a transfer to a warm wallet. Unfortunately, this transaction obscures the signature interface and changes the underlying smart contract logic while also changing the correct address. It was manipulated by sophisticated attacks to display the “Bybit.” X’s post.
“As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.”
In another statement posted on social media platforms, Bybit CEO Ben Zhou emphasized that all other cold wallets are safe. The company further said it had reported the incident to appropriate authorities.
There is no official confirmation from Bybit yet, but Elliptic and Arkham Intelligence have confirmed that digital theft is the job of the infamous Lazarus group. The incident has led to the biggest cryptocurrency robbery ever reported, including the Ronin Network ($624 million), PolyNetwork ($6111 million), and BNB Bridge ($586 million) ) smaller it.
Independent researcher Zachxbt said “connecting the Bibit Hack-on Chain to the Phemex Hack,” the latter took place later last month.
The North Korea-based threat actor is one of the most prolific hacking groups and coordinates dozens of cryptocurrency robbers to generate illegal revenue from the sanctioned country. Last year, Google described North Korea as “arguably one of the world’s leading cybercriminal companies.”
According to a chain analysis of blockchain intelligence firms, in 2024 it was estimated that it stole $1.34 billion in 47 cryptocurrency hacks, accounting for 61% of all fraudulent cryptos over the period .
“Cryptocurrency robberies are presented by the favourable nature of their rewards, challenges associated with attribution to malicious actors, and their familiarity with cryptocurrencies and Web3 technology among many organizations. It’s increasing because of opportunities.”
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