Bybit, one of the world’s largest cryptocurrency exchanges with over 60 million users, has been hit by a staggering $1 billion+ hack. As speculation grew over who was responsible, blockchain investigator ZachXBT stepped in with concrete evidence linking the attack to North Korea’s notorious cybercriminal group, Lazarus.
So how did they do it? And what happens next for Bybit? Let’s break it down.
Blockchain intelligence platform Arkham Intelligence recently offered a bounty of 50,000 ARKM (worth about $30,000) to help identify the hackers behind the attack.
ZachXBT took on the challenge and uncovered solid proof that the Lazarus Group was behind the breach. Using his deep knowledge of on-chain analysis, he traced suspicious transactions, wallet connections before the attack, forensic charts, and precise timing—all leading back to the group.
According to ZachXBT’s findings, Lazarus first made small test transactions before launching the full-scale attack. This is a common tactic used by hackers to ensure their method works before moving large sums of stolen funds.
By carefully tracking wallet movements and transaction timestamps, he was able to trace the stolen funds back to addresses controlled by Lazarus.
Arkham Intelligence confirmed that ZachXBT has shared his findings with Bybit’s security team to assist in their investigation. While Bybit has yet to issue a detailed statement, this new evidence could help in recovering the stolen funds or strengthening security to prevent future breaches.
Lazarus is infamous for targeting crypto firms and has been responsible for some of the largest cyber thefts in history. The group consists of multiple teams, each with different skills—some specialize in phishing scams, others in advanced blockchain attacks, and some use fake identities to infiltrate crypto companies.
In 2024 alone, Lazarus stole over $1.3 billion from various crypto projects—accounting for 61% of all stolen crypto that year.
With ZachXBT’s findings now public, all eyes are on Bybit to see how they respond to this record-breaking attack.
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