Bybit, a popular cryptography exchange, is recovering from the mass trick worth $ 1.5 billion in digital assets. According to the reports, the computer pirates went to the cold wallet of Exchange Crypto, an off -line storage system, to steal the exchange assets, mainly ether. The data in the chain reveal that the stolen funds were quickly transferred to different wallets and were settled on several platforms.
Ben Zhou, the Bybit CEO, quickly addressed the hack and told users that the other cold wallets of the site are safe and that the retreats are processed “normally.”
As the company fights with an increase in retirement requests, it received more than 88,000 ETH (for a value of around $ 239 million) of popular exchanges such as Binance and Bitget. Fresh cryptographic is transferred from these two popular exchanges that increased byBit’s liquidity, which allows it to comply with customer withdrawal requests.
Bybit detected unauthorized activity that involves one of our cold ETH wallets. The incident occurred when our multisig eth cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the firm …
– bybit (@bybit_oficial) February 21, 2025
The authorities link the violation of the North Korean piracy group
Friday’s piracy of the Bybit Cold wallet is considered the largest recorded cryptographic piracy. Arkham Intelligence and Elliptical said that stolen digital assets were quickly transferred to different accounts and settled in minutes. Elliptico reports that the hacking is, with much, the largest in the industry and easily exceeded the $ 570 million stolen from Binance in 2022 and the crypto assets of $ 611 million drained from Poly Network in 2021.
The Bybit CEO says the platform is experiencing “massive retreats.”
– Fortuna (@dafdiesmagazine) February 21, 2025
Elliptical speculated that the Lazarus group, a piracy team backed by the State in North Korea, perpetrated the hack. The Lázaro Group is known for its cryptographic activities, stealing billions of dollars from different sites.
Bybit receives a help from Binance and Bitget
While Bybit struggled to address the increase in retreats, he received the help of other popular exchanges to cover applications. Arkham said the exchange received more than 88,000 ether or approximately $ 239 million from the Binance and Bitget addresses.
The infusion of funds can increase the current liquidity of the exchange, since it addresses massive retirement requests. Bybit confirmed that their users moved funds from the exchange after the Hack was made public.
Arkham said Bitget transferred 40,000 ether, or $ 106 million, to a cold Bybit wallet on February 21 at 7:44 p.m. (UTC). Lookonchain argued that Bitget transferred his funds to the exchange to increase his liquidity and serve as a vote of trust.
After 10 minutes, a hot binance wallet transferred 11,800 ether or $ 31 million to the same BYBIT cold wallet address. In total, Binance has transferred 47,800 ether or $ 127.48 million.
The CEO explains that Crypto Exchange is still solvent
The CEO of Bybit, Ben Zhou, has assured its users and customers that the exchange is solvent. In a Twitter/X publication, the CEO explained that customer funds are backed 1: 1 and that the company can serve the losses even if it does not recover them.
Outstanding image of Adobe Stock, TrainingView graphics
