In a major blow to the encrypted currency industry, Bybit, one of the leading coding exchanges, confirmed a major security breach that includes the cold ethereum portfolio.
The accident, I mentioned Friday by Bittin, it represents one of the largest cryptocurrencies in history, as losses are estimated at more than $ 1.5 billion.
Bybit Hack linked to the Lazarus Group in North Korea
According to Bybit, violation occurred during the transportation of the Eth Multisig Cold to a warm portfolio. The stock exchange revealed on the social media platform X (previously Twitter) that the attack was carried out through the “advanced manipulation” of the transaction process.
This manipulation allowed the infiltrator to hide the signature interface, which presented the correct wallet address with a change in the logic of the basic smart contract.
Later, the market intelligence company on the Arkham Intelligence series open Crypto Sleuth Zachxbt provided convincing evidence linking the penetration of the notorious Lazarus Group, a Hacker supported by North Korea.
In his detailed analysis, it was reported that Zachbt has provided the results that included test transactions, associated portfolios, criminal drawings, and timing analyzes. This information is shared with bybit to help in its continuous achievement.
$ 1.44 billion of wrong assets
The scale of the breach is amazing. It is estimated that approximately 401,347 ETH has been withdrawn, at a value of $ 1.12 billion.
In addition, the other assets lost in the penetration include 90,376 STTH, at a value of 253.16 million dollars, 15,000 Cmeth worth $ 44.13 million, and 8000 meters, totaling $ 23 million. The total estimated loss is about $ 1.44 billion.
In light of this incident, BYBIT activated its security team and cooperated with Blockchain forensic experts to conduct a comprehensive investigation.
The stock exchange also communicated with other teams with experience in Blockchain analyzes and the restoration of the boxes, and invited them to help track the wrong assets.
It remains to see what the additional procedure will take thanks to the information provided by Zachxbt and how the issue will be revealed regarding customer's wrong money.
As for the price of ETH, the second largest encrypted currency in the market witnessed a decline of 4 % about $ 2640 after breach of security.
Distinctive image from Dall-E, Chart from TradingView.com
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