The post Largest Crypto Hack Ever : The Story Behind Bybit’s $1.4 Billion Hack appeared first on Coinpedia Fintech News
In the largest hacking event in the history of the cryptocurrency industry, Bybit has lost approximately $1.4 billion in stETH, mETH, and ERC-20 tokens. The incident has sent shockwaves across the industry. It proves that even centralised exchanges with strong security tools are vulnerable to cyberattacks.
Top blockchain security analysts, including Arkham Intelligence, suspect the involvement of a North Korean hacker organisation, named Lazarus Group, in the hacking attack. Notably, Arkham Intelligence has announced a hefty bounty of 50,000 Arkham tokens, valued at around $31,500, to track those behind the attack. Here is everything you should know.
Bybit Hack: What Happened?
No fewer than $1.4 billion in liquid-staked Ether, Mantle Staked ETH and other ERC-20 tokens have been looted from Bybit, the prominent crypto exchange known for its robust security system.
Until the latest Bybit hack, the $600 million hack, which Poly Network had suffered in August 2021, was the most severe hack in cryptocurrency history.
Cyvers CTO Meir Dolev states that there are a lot of resemblances between the latest hack and the $230 million WazirX hack and the $58 million Radiant Capital hack.
How Did Hackers Steal $1.4 Billion from Bybit?
Trezor analyst Lucien Bourdon notes that the attack has been carried out using an advanced social engineering technique. As per his view, attackers, using the technique, tricked signers into approving a malicious transaction.
Who is Behind the Bybit Hack?
Top blockchain security analysts, including Arkham Intelligence, assert that a North Korean hacker organisation, identified as Lazarus Group, has played a key role in the hack.
Arkham Intelligence has announced a hefty bounty of 50,000 Arkham tokens to track those behind the Bybit hack.
Impact of the Bybit Hack on the Crypto Industry
Trust in centralised crypto exchanges has been severely affected due to the hack.
The incident proves that even centralised exchanges, with highly sophisticated security frameworks, are vulnerable to cyberattacks.