Crypto scam: Bybit user lost $1.44 billion through crypto scammers

Crypto scam news:

Bybit’s CEO, Ben Zhou, assured users that the exchange had recovered nearly 80% of the stolen funds through bridge loans.

The recent cyberattack on cryptocurrency exchange Bybit, resulting in a loss of $1.44 billion, has been linked to the notorious Lazarus Group. Crypto investigator ZachXBT provided evidence connecting the attack to this North Korean hacking group, which has been responsible for multiple high-profile crypto thefts. The attack adds to the growing concerns about the security of digital asset platforms and the increasing threats posed by sophisticated cybercriminals.

ZachXBT's findings were supported by blockchain analytics platform Arkham, which confirmed the connection between the Bybit exploit and Lazarus Group. His investigation involved analyzing test transactions, tracking wallets used before the attack, and conducting forensic research. In response, Arkham announced a bounty of 50,000 ARKM (worth $32,000) for anyone who could help identify the attackers, further proving the seriousness of the breach.

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Bybit’s CEO, Ben Zhou, assured users that the exchange had recovered nearly 80% of the stolen funds through bridge loans. He encouraged customers to remain calm, stating that all withdrawal requests, even those under review, would be honored. Bybit also reported the incident to authorities and reached out to blockchain tracking firms to monitor the stolen funds and prevent the hackers from cashing out.

This attack is just one of many attributed to the Lazarus Group. The hacking collective has been behind some of the biggest crypto thefts in history, including the $625 million Ronin Network heist, the $100 million Atomic Wallet breach, and the $54 million CoinEx hack. ZachXBT also noted similarities between the Bybit attack and the recent $30 million Phemex exchange breach, suggesting that the group remains highly active.

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With cryptocurrency-related cyberattacks on the rise, exchanges are under increasing pressure to strengthen their security measures. Bybit’s ability to recover a significant portion of the stolen funds provides some reassurance to users, but the incident highlights the persistent risks in the industry. As authorities and blockchain experts work to track down the perpetrators, the crypto community remains on high alert for future threats.