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Bybit CEO Ben Zhou reveals that 27.59% of the $1.4B hacked fundsworth $390Mare now untraceable after being laundered through mixers like Wasabi and moved across bridges to P2P/OTC platforms.
Bybit has bounced back strongly after suffering a major hack in February, which resulted in a loss of about $1.4 billion. The exchange share in the crypto space has returned back to about 7%, which matches the level it held before the attack. This recovery comes at a time when many crypto holders are becoming […]
BayaniChain CEO Paul Soliman explains how the $1.46 billion Bybit hack was a textbook social engineering attack, not a blockchain failure.
Learn how North Koreas Lazarus Group stole billions using phishing, malware, and social engineering.
The Bybit CEO, Ben Zhou, gave an update regarding the investigation of the funds that were stolen in the recent hack that targeted the exchange. In an X post, Zhou provided some details about the investigation and stated that the hacker used Bitcoin mixers to cash out 500k Ether and about $1.4 billion in assets […]
Bybits market share plunged to 5% after a major hack but has since rebounded to 9.04%. Can the exchange fully recover amid security concerns and trust issues?
Amid the market retrace, Ethereum (ETH) has lost its key $2,600 support zone and fallen below the next crucial level. As the second-largest cryptocurrency by market capitalization attempts to hold its current range, some analysts predict a 6% drop could be coming. Related Reading: Solana Sentiment Hits 1-Year Low Amid Market Correction Analyst Suggests Drop To $70 Ethereum Risks Fall To $2,180 Following the $1.5 billion hack of crypto exchange Bybit, the crypto industry experienced a market correction that sent most cryptocurrencies below their key support levels. Bitcoins price fell below the $90,000 mark for the first time since November. Meanwhile, Solana, one of the leading Altcoins of the cycle, dropped 30% in five days, hitting a five-month low. Nonetheless, Ethereums price held relatively well compared to most cryptocurrencies despite accounting for $1.2 billion of the assets stolen in the hack. The King of Altcoins initially dropped 10%, staying around its pre-Bybit hack levels over the weekend, but failed to sustain the $2,600 support after the market crash resumed on Monday. Crypto analyst Ali Martinez had previously warned that this level was key for cryptocurrencys bullish trend continuation, and failing to hold this support zone would send the price to the $2,4000 mark. After the drop, the analyst stated that the $2,425 level was Ethereums next most critical support zone, as 10.33 million wallets accumulated 63.43 million ETH. However, the cryptocurrency failed to hold this level on Wednesday, dropping to $2,300 in the past 24 hours. Martinez warned that Ethereum needs to hold the $2,345 support level now, where 2 million investors bought 58.88 million ETH. If it falls below this level, the millions of investors will be in the red numbers. Analyst Carl Runefelt also cautioned about ETHs current levels, suggesting that Ethereum risked dropping another 6%. The analyst advised investors to monitor the bearish flag forming in Ethereums hourly chart for the past day, as it could send ETHs price near the $2,000 support line. If the cryptocurrency fails to hold the $2,320-$2,330 level, Ethereums price targets a breakdown to $2,180. Short-Term Rally Or Sideways Move Coming? Crypto analyst Ted Pillows highlighted ETHs bullish divergence in the 3-hour chart, suggesting that a short-term rally towards $2,600-$2,700 looks possible. However, he noted that the potential rebound could be a dead at bounce. Meanwhile, Altcoin Sherpa indicated that the cryptocurrency could move sideways for the next few months, pointing to ETHs performance after losing the $2,900 support in August 2024. Ethereum moved within the $2,100-$2,800 price range from August to November 2024, with the second-largest cryptos current price action starting to resemble last summers performance. Related Reading: Memecoin Scam Alert: Pump.Fun X Account Hacked, Promotes Fake PUMP Token Another market watcher also suggested that the King of Altcoins needs an extended re-accumulation period to attempt to reclaim the higher levels, as seen during the FTX collapse, 2023s capitulation, and Summer 2024s capitulation. Based on this, ETH could move within its current range for the next two to three months. Lastly, analyst Titan of Crypto pointed out a Wyckoff Check accumulation pattern in ETHs weekly chart. He stated that Ethereum appears to retest its key level after a breakout to confirm the trend continuation. Per the post, if the $2,140 level holds, theres a potential spring and rally continuation. As of this writing, Ethereum trades at $2,324, a 15% drop in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
After Bybit's record $1.46 billion hack, DeFi Philippines founder Paolo Dioquino explains why an Ethereum blockchain rollback is unlikely, despite proposals by industry leaders.
By now you've probably heard of the staggering blow to crypto exchange Bybit, as they confirmed a massive $1.4 billion exploit, making it the largest crypto hack on record
We're now learning some additional details - according to Bybit CEO Ben Zhou, the attacker compromised one of the exchanges Ethereum cold wallets, siphoning off huge quantities of ETH and stETH by manipulating a single transaction.
Bybits CEO says the hacker got hold of the private keys to a specific ETH cold wallet and transferred the funds to an unknown address. Top blockchain analytics groups like ZachXBT and Arkham Intelligence have verified these massive outflows, with Arkham noting that the stolen funds are now being split and sold through multiple addresses.
Is User Money Safe?
Zhou insists that other Bybit wallets werent impacted. The platform is still processing withdrawals99% of user requests have reportedly gone through without a hitch. Bybit is maintaining they have enough liquidity to honor customer withdrawals in full.
Setting a New Record...
This new $1.4 billion hack officially takes the top spot for the largest theft in crypto history. It surpasses both the Ronin Networks $625 million loss and the $611 million Poly Network exploit, both of which rocked the market in 2022.
Catching the Hacker...
The biggest hack is now offering the biggest reward, up to $140,000,000 (10% of total hacked funds) for anyone who can track down who is responsible.
This is bad news for the hacker, because unless we're looking at a government sponsored action (such as North Korea) you can be sure the hacker bragged about his accomplishment at least within a small circle of fellow hackers - if so, with a reward this size someone is bound to turn on them.
Blockchain researcher ZachXBT was among the first to flag the suspicious outflows. He reports the stolen ETH has been split across 39 different addresseslikely an attempt to hide the funds and evade tracking.
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Author: Adam Lee
Asia News Desk / Breaking Crypto News
ZachXBT links Lazarus Group to the $1.4B Bybit hack and memecoin scams on Solana, revealing complex money laundering schemes.
In a significant blow to the cryptocurrency industry, Bybit, one of the leading crypto exchanges, has confirmed a major security breach involving its Ethereum cold wallet. The incident, reported on Friday by Bitcoinist, marks one of the largest cryptocurrency hacks in history, with losses estimated at over $1.5 billion. Bybit Hack Linked To North Korea’s Lazarus Group According to Bybit, the breach occurred during a transfer from their ETH multisig cold wallet to a warm wallet. The exchange revealed on social media platform X (formerly Twitter) that the attack was executed through a sophisticated manipulation of the transaction process. This manipulation allowed the hacker to mask the signing interface, which displayed the correct wallet address while altering the underlying smart contract logic. Related Reading: Coinbase CEOs Hot Take: Bitcoin Is Basically A Meme Coin Subsequently, on-chain market intelligence firm Arkham Intelligence revealed that crypto sleuth ZachXBT has provided compelling evidence linking the hack to the notorious Lazarus Group, a North Korea-backed hacker organization. In his detailed analysis, ZachXBT reportedly submitted findings that included test transactions, associated wallets, forensic charts, and timing analyses. This information has been shared with Bybit to assist in its ongoing investigation. $1.44 Billion In Misappropriated Assets The scale of the breach is staggering. Estimates suggest that approximately 401,347 ETH, valued at around $1.12 billion, were withdrawn. Additionally, other assets lost in the hack include 90,376 stETH worth $253.16 million, 15,000 cmETH valued at $44.13 million, and 8,000 mETH totaling $23 million. The total estimated loss stands at approximately $1.44 billion. In light of this incident, Bybit has activated its security team and is collaborating with leading blockchain forensic experts to conduct a thorough investigation. Related Reading: Ethereum Price Prediction: Extremely Strong Support And Monthly 55 EMA Says ETH Is Headed For $4,867 The exchange has also reached out to other teams with expertise in blockchain analytics and fund recovery, inviting them to assist in tracing the misappropriated assets. It remains to be seen what further action Bybit will take with the information provided by ZachXBT and how the case will unfold regarding the misappropriated customer funds. As for ETH’s price, the second largest cryptocurrency on the market has seen a 4% retracement towards $2,640 just hours after the security breach. Featured image from DALL-E, chart from TradingView.com
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