Overview of BYBIT HACK
according to Previous reviewOn February 22, Bybit reported a massive hack that was probably the largest hacker in crypto history, which stole $1.4 billion worth of ETH.
Investigations by chain analyst Zachxbt and entities such as Arkham Intelligence have identified the perpetrator as the North Korean state-sponsored hacker group Lazarus Group.
On February 22, 2025, the Bybit hacker stole $1.5 billion in Ethereum, and some funds later bridged to Solana, as shown in the Arkham image of the Post.
This hacker is detailed through Arkham’s chain analysis, which revealed the hacker’s money laundering through quick transactions, moving 2-3 times a minute, pausing every 45 minutes every 45 minutes and resting for 15 minutes. This methodical pattern has led to speculation, including humorous rhetoric about X, the possible “intern” to deal with money laundering by North Korean hacker Lazarus Group.
Bybit Hacker Money Laundering Funds
Bybit Hacker conducts 2-3 transactions per minute, stops every 45 minutes of rest for 15 minutes. They move ETH from one address to the next at a time.
Did Lazarus have interns wash their hands manually? pic.twitter.com/xcs16hmc3i
-Arkham (@arkham) February 24, 2025
Bybitt’s response and reassurance
Bybit Hack made an immediate impact on the cryptocurrency market. In response, Bybit purchased ~446,870 USD ETH (valued at $1.23B) after the hack, which could be a multifaceted strategy to meet instant financial needs, restore user confidence, hedge market volatility, prepare to recover and ensure 1:1 ratio of reserve customer assets.
Since being hacked, #bybut ~446,870 received $eth($1.23B) Purchase via loan, whale deposit and ETH.#bybut Almost narrowed the gap. pic.twitter.com/0oz3ytli4x
– lookonchain (@lookonchain) February 24, 2025
Responses from all parties involved
Efforts to mitigate damage and restore stolen funds involve multiple stakeholders, as described in the latest news about Bybit Hack:
- Inger’s position: The exchange denied the allegations of Lazarus Group’s money laundering funds, but admitted that a small portion of the stolen funds flowed into its platform. However, the tone refused to freeze the hacker’s wallet, citing reputational damage caused by bybit’s actions.
- Pump action: a dispersed platform pump. FUN removed memes created from hacker wallets from its interface, indicating a positive way to keep itself away from illegal activities related to hackers.
- Recovery efforts: The collaborative effort led to a freeze of $42.89 million (3% of the total stolen number) through coordination between Tether, Thorchain, ChangeNow, FieleFloat, Coinex, Bitget and Circle. In addition, the methamphetamine agreement supports the recovery of $15,000, worth $43 million, further strengthening the recovery efforts.
