When a Billion-Dollar Hack Turns into a Comedy of Errors! 😂💸
Ah, dear reader, gather ’round as we delve into the curious case of Bybit, a crypto exchange that found itself the unwitting star of a most unfortunate tale. One fateful night, as the moon shone brightly, hackers descended upon Bybit like a swarm of locusts, pilfering a staggering $1.4 billion in a single, audacious swoop! But lo and behold, instead of crumbling into dust, Bybit rose like a phoenix, ready to battle the odds. What, you ask, has transpired since this calamity? Let us dissect this drama, piece by piece.
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Bybit regaining strength bit by bit
Bybit, after enduring a hack of epic proportions, has managed to do what many thought impossible — recover faster than a cat from a cold bath! The breach on February 21 saw hackers drain one of Bybit’s cold wallets, a storage method typically considered as secure as a babushka’s secret recipe. Yet, these dastardly fiends exploited weaknesses in the exchange’s user interface and smart contract logic, rerouting Ethereum (ETH) into wallets as mysterious as a Russian nesting doll.
Despite the chaos, Bybit has been as swift as a hare, nearly restoring its 1:1 asset backing and closing the gaping hole left by the thieves. On-chain data reveals that over 446,870 ETH — worth approximately $1.23 billion — has been sourced through loans, direct purchases, and large deposits. Quite the financial gymnastics, wouldn’t you say?
Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned.
— Ben Zhou (@benbybit) February 24, 2025
More than $400 million in ETH was acquired via OTC trading, another $300 million from exchanges, and $285 million through loans, with the remainder from crypto funds. A veritable treasure hunt!
Blockchain sleuths later linked the attack to North Korea’s infamous Lazarus Group — the same band of rogues responsible for some of the biggest crypto heists, including the $600 million Ronin Network breach in 2022 and the $234 million WazirX hack in 2024. Quite the résumé!
BREAKING: BYBIT $1 BILLION HACK BOUNTY SOLVED BY ZACHXBT
At 19:09 UTC today, @zachxbt submitted definitive proof that this attack on Bybit was performed by the LAZARUS GROUP.
His submission included a detailed analysis of test transactions and connected wallets used ahead of…
— Arkham (@arkham) February 21, 2025
Deposits & withdrawals on Bybit have fully recovered to normal levels, as confirmed by on-chain data. ✅
— Bybit (@Bybit_Official) February 23, 2025
How a hack turned into a liquidity crisis
In the aftermath of Bybit’s security breach, the exchange faced a crisis that tested the very foundation of its liquidity. Within three days, Bybit saw more than $6.1 billion flow out, reducing its total tracked assets from nearly $17 billion to just under $10.8 billion as of February 24, according to DeFiLlama, wiping out over a third of its holdings. A veritable financial exodus!
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2025-02-24 16:19