On-Chain explorer Zachxbt has identified the North Korea’s Lazarus Group as a team behind the billion-dollar bibet hack, which has won the 50k Arkm bout to resolve the case.
Success occurred when ZachxBT presented decisive evidence connecting the Hacking Group on 19:09 UTC.
Investigations exploited the Baybit’s Etharium (ETH) multicing cold wallet during a regular transfer to the hot wallet of the exchange.
The attackers manipulated the signing interface, showing the underlying smart contract logic to display the right wallet address.
Baibit CEO Ben Jhao confirmed that the safety violation resulted in a loss of more than $ 1.5 billion in cryptocurrency assets.
Despite the magnitude of theft, Jhao assured users that all client clearance would be processed, even reviewed.
Zachxbt Bybit and Phemex reveal the connection between hack
Zachxbt’s investigation revealed the direct on-chain connection between the bybit incident and recent Phemex Exchange hack. The attackers also gave money from the theft through the same initial theft address. This pattern matches the known strategy to connect the Lazarus Group’s several exchange agreements.
Bounty submissions included the main attacks, connected wallet tracking and detailed analysis of testing transactions made before the time analysis indicating the North Korean state-provided group. Arkham has shared this forensic evidence with the team of Bibit to support his ongoing investigation.
The incident started when bybit Find out Unauthorizedly transferred from one of his atherium (ath) cold purse. The exchange immediately launched an investigation, partnered with blockchain forensic experts to find out the stolen assets.
The company released an open call for assistance from teams specialized in blockchain analytics and fund recovery.
This hack represents one of the largest cryptocurrency exchange hacks in history.
The bybit team received assistance from other exchanges to keep the evacuation open for users.
