{"id":53145,"date":"2025-03-04T04:49:59","date_gmt":"2025-03-04T04:49:59","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=53145"},"modified":"2025-03-04T04:51:56","modified_gmt":"2025-03-04T04:51:56","slug":"bybits-lost-ethereum-went-through-north-koreas-washing-machine","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=53145","title":{"rendered":"Bybit’s lost Ethereum went through North Korea’s washing machine?"},"content":{"rendered":"

The crypto industry has rallied behind Bybit after a hack in which North Korean hacker group Lazarus stole over $1.4 billion.<\/p>\n

The $1.4 billion hack against Bybit wasn\u2019t just the largest exploit in crypto history \u2014 it was a major test of the industry\u2019s crisis management capabilities, highlighting its maturation since the collapse of FTX.<\/p>\n

On Feb. 21, North Korea\u2019s Lazarus Group made off with $1.4 billion in Ether and related tokens in a breach that initially sent chills throughout the entire crypto world but was quickly quelled as the industry rallied behind Bybit to manage the fallout.<\/p>\n

Here\u2019s a look at how the attack unfolded, how Bybit responded, and where the stolen funds are moving.<\/p>\n

\"Hackers,
\n

Source: <\/em>Elliptic<\/em><\/p>\n<\/figcaption><\/figure>\n

Feb. 21: Bybit hacked\u00a0<\/h2>\n

The Bybit hack was first spotted by onchain sleuth ZachXBT, who warned platforms and exchanges to blacklist addresses associated with the hack.<\/p>\n

Soon thereafter, Bybit co-founder and CEO Ben Zhou confirmed the exploit and began providing updates and information on the breach.<\/p>\n

A post-mortem from Chainalysis initially stated that Lazarus executed phishing attacks to access the exchange\u2019s funds, but the analysis was later updated to report that the hackers gained control of a Safe developer\u2019s computer rather than compromising Bybit\u2019s systems.<\/p>\n

The attackers managed to \u201creroute\u201d some 401,000 ETH, worth $1.14 billion at the time of the exploit, and move it through a network of intermediary wallets.<\/p>\n

\n

The complex network of wallets, swaps and crosschain transfers the hackers have used to obscure the funds. Source: <\/em>Chainalysis<\/em><\/p>\n<\/figcaption><\/figure>\n

Feb. 21: Bybit assures wallets are safe, Ethena solvency\u00a0<\/h2>\n

The exchange was quick to assure users that its remaining wallets were safe, announcing just minutes after Zhou confirmed the exploit that \u201call other Bybit cold wallets remain fully secure. All client funds are safe, and our operations continue as usual without any disruption.\u201d<\/p>\n

A few hours after the hack, customer withdrawals remained open. Zhou stated in a Q&A session that the exchange had approved and processed 70% of withdrawal requests at that time.\u00a0<\/p>\n

Decentralized finance platform Ethena told users that its yield-bearing stablecoin, USDe, was still solvent after the hack. The platform reportedly had $30 million of exposure to financial derivatives on Bybit but was able to offset losses via its reserve fund.\u00a0<\/p>\n

Feb. 22: Crypto industry lends Bybit a helping hand, hackers blacklisted<\/h2>\n

A number of crypto exchanges reached out to help Bybit. Bitget CEO Gracy Chen announced that her exchange had lent Bybit some 40,000 ETH (around $95 million at the time).<\/p>\n

Crypto.com CEO Kris Marszalek said he would direct his firm\u2019s security team to offer assistance.\u00a0<\/p>\n

Other exchanges and outfits began freezing funds connected with the hack. Tether CEO Paolo Ardoino posted on X that the firm had frozen 181,000 USDt connected with the hack. Polygon\u2019s chief information security officer, Mudit Gupta, said the Mantle team was able to recover some $43 million in funds from the hackers.\u00a0<\/p>\n

Related: <\/strong><\/em>Adam Back slams \u2018EVM mis-design\u2019 as root cause of Bybit hack<\/strong><\/em><\/p>\n

Zhou posted a thank you note on X, tagging a number of prominent crypto firms he said helped Bybit, including Bitget, Galaxy Digital, the TON Foundation and Tether.\u00a0<\/p>\n

\"Hackers,
\n

Source: <\/em>Ben Zhou<\/em><\/p>\n<\/figcaption><\/figure>\n

Bybit also announced a bounty program with a reward of up to 10% of recovered funds, placing up to $140 million up for grabs.<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto industry has rallied behind Bybit after a hack in which North Korean hacker group Lazarus stole over $1.4 billion. The $1.4 billion hack against Bybit wasn\u2019t just the largest exploit in crypto history … Bybit’s lost Ethereum went through North Korea’s washing machine?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":53147,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651,6],"tags":[],"class_list":["post-53145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","category-information","exalt-entry"],"yoast_head":"\nBybit's lost Ethereum went through North Korea's washing machine? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=53145\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bybit's lost Ethereum went through North Korea's washing machine? - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"The crypto industry has rallied behind Bybit after a hack in which North Korean hacker group Lazarus stole over $1.4 billion. 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