Bitcoin Forum

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨  401,346 #ETH (1,133,327,423 USD) transferred from #Bybit to unknown wallet
https://whale-alert.io/transaction/ethereum/0xb61413c495fdad6114a7aa863a00b2e3c28945979a10885b12b30316ea9f072c

source : https://x.com/whale_alert/status/1892942860686610609

Firstly no one smart enough should be holding a huge amount of coin that they are not able to risk on an exchange because of things like this. However to be honest the Bybit hack was quite surprising to me.  Currently I wouldn't advise anyone to rush into moving their coins out of Bybit like you are suggesting and my reason is simple.

Now this is an unplanned incident and if you rush into moving funds you may end up making mistakes that will in the end cost you those same funds. Moving coins in a rush isn't something advice in any situation except you are self-assured that you can be careful enough. Instead of rushing to move funds take your time so you don't make mistakes besides everything still seems normal since Bybit is a big exchange.

Wow, what an amazing hack happening some couple of minutes ago,
I checked on the receiver address and it seems the deposited amount been reduced to 1,345.94379286 ETH on the balance right now, these smart hackers has withdraw a total of 10,000 ETH 7 times to a different wallet address plus another 50,000 ETH to a liquid staking platform.

The address has been tagged though on etherscan explorer for serious investigation.

https://i.ibb.co/jZGwBjqP/Screenshot-20250221-171505.png

This is roughly how the whole shit happened in the bybit control panel, this is a ridiculous thing that happened to the reputable exchange, I just hope they could get this reversed in time.

https://i.ibb.co/GfyBwgks/IMG-20250221-172216-899.jpg

I just woke up to this news and it's very disappointing to hear that after some positive moves on Ethereum some folks especially the bybit guys are trying to sone some shit with the market and our assets in bybit claiming attacks from unauthorized source moving some huge amount of Eth.

Well safety measures first.

There is always news of hacks like this when the market starts to recover, even though Bitcoin is about to touch $100k again but eventually has to go down again LOL.
This is a complete manipulation, it looks like it was hacked but the CEO of Bybit said during the live it had no effect on the other wallets.
https://x.com/i/broadcasts/1YqKDZvPOOOJV

The hacker now holds $1.37B of ETH and has used 53 wallets so far. It becomes a FUD that is completely manipulated when the market is celebrating and in the end it is dropped again.

Bybit Hacker Wallet

https://www.talkimg.com/images/2025/02/21/qkWnD.jpeg

https://intel.arkm.com/explorer/entity/7fb57cc1-fd8e-449f-bd4b-025a5a461e53

I didn't expect this to happen to Bybit, it's not a small amount of money, FUD is scattered everywhere saying that all users should be careful, a few are thinking of moving their assets to other exchanges, of course we know there is basically no guarantee that our money will be safe on any exchange. In addition, this reminds me of the FTX crash, making the trauma that was already gone reappear.

But i'm sure Bybit will come through this with a good end result, everything will be back to normal, they are a very big exchange with great achievements and it's my favorite exchange ;)

This hack surprised me.

We really cannot go on with the bull run if there will be no news about a big exchange getting hacked. It's become a tradition for these exchanges being attacked and the amount being stolen to them is just getting bigger.

The explanation was posted by the owner himself but many aren't really technical on it and people just have to withdraw their funds on them immediately.

Frustrating that everything is now dumping. This bull market is so annoying, I don’t know why Bitcoin is going down when it isn’t even affected by this. The hacker seems to have only stolen Ethereum so I don’t understand why Bitcoin is dumping unless Bybit don’t have the Bitcoin they profess to so can’t process the flood of scared withdrawals. We rose to $99,000 & now down to $96,000, feels like we will never go up to new all time high.

This is bad news in general for crypto, it paints a negative picture of crypto among masses. How can BTC be untouched by this sentiment :D.
It is weird that you are complaining about short-term dips in this bull run :D. This is how the market  operates and if you this susceptible to short-term fluctuations, you will endure much stress. I would advise you to look at long-term picture.   

I have less than $50 in my Bybit account and USDT but I am not home to move the funds out of the exchange then since it's an Ethereum hot wallet gack, that means my funds are safe, and also I don't think anyone will panic for holding coins on the exchange since Bybit is a known global exchange and funds are safe as expected, so a 1 billion dollars hack won't make the exchange to halt their service for whatever reason, always holds a small amount on exchange wallets and don't use exchange wallets for anything other than trading not storage.

Expected correction of the price to keep going up.

Sometimes I think US companies control the hackers to manipulate the price...

It's a good thing we live in a free world and everyone can just make conspiracy theories and still be fine. There have been plenty of hacks in crypto and even though this is the biggest, we can't just say it was orchestrated by the new US government administration?

Imo, bybit likely had a security flaw and they signed blindly. This means that it's not the first time they have been signing blindly.

Crypto holders in the exchange are already reacting  to the pulling out and selling off their assets from the exchange .
The amount mentioned successfully hacked there is just too huge to still encourage users if the platform to keep holding on their funds there.
It is definitely going to be a setback for Ethereum investors and for the notable Bybit exchange to gain it stand of cryo users minds massively as it was.
So awful.

It sounds foolish to leave huge amounts of money on exchange, but the funniest thing is that lots of people are still leaving their coin on exchange, maybe it’s because they believe they are making use of reputable exchange, the exchange can’t Ben compromise, and there money is safe there, but they don’t really know things doesn’t work like that, no exchange is too big to be compromised, so we have to be careful, and we shouldn’t leave our coin on exchange.

With the way people are always being discouraging from leaving their coin on exchange, most people don’t still listen, they believe if there coin is on exchange, they can easily access it, compare to when it’s in wallet, but they don’t know that they can easily lose their money also when it’s kept on exchange.

The best thing to do is just to buy a coin from exchange, then withdraw it to your main wallet, your exchange should just be like a market place, where you buy things and that’s what most people don’t really understand. As a trader, you can be using exchange to trade, and when you know you won’t be trading for some time, then withdraw your money from the exchange.

I read it on X that the hacking of bybit were perpetrated by a cyber military unit in North Korea called the Lazarus Group. Since it has been identify that Lazarus group are behind the hacking of bybit I wonder what steps bybit teams are going to take to recover  the already stolen funds. There is a lot pressure coming all over which I believe is too much for bybit although the CEO has been trying to calm the situation on ground by assuring people that their assets is safe and the situation is under control.

Everyone should apply caution when it comes to the system, we should be very careful because the slightest mistake might cost one to liquidate he or her account to unknown source. BYBIT firewall was not strong enough to reciprocate the targeted fraudulent angle? Perhaps the team should work on it and resolving this breach because this is no good news for the users especially for the top whales in the market, having buying coins in bulk and storing it in their portfolio. I'm tired of all these exchanges been on the list of hackers. These are not random hackers but experienced and professional hackers, they know what they're doing and targeting mails phishing to these exchange users, some are clueless about it and easily fall victim when they click on links.

I have to agree with a part of this statement although not on the terms that the US manipulated the whole hack thing, but yeah the possibility of that happening is also high, most especially now that there have been claims from other countries being responsible for this hack, so for sure there is always an insider trader to this type of hacks.

Another situation that we should never leave our funds on exchange since this situation will happen.

People should acknowledge how big the risk for doing so and people should not use exchange as their wallets. What happen to Bybit is totally huge and that remind people that nothing is say in online space even if we can say that they are big platform.

We must learn from this incident and don't be lazy to exert some effort to make our funds safe away from possible exchange hacking. Also hopefully Bybit could recover from this incident.

Hack is one thing that had been trending lately and I hope everyone Crypto investors make sure that they remove their money from anything because that's not a good practice, keeping your crypto portfolio in an exchange.
There are so many non custodial wallets anyone can use to keep crypto portfolio without having to bother about an exchange hack.
Those that are using Bybit might not be affect directly because Bybit would want to keep their services working so it does not lead to fud.
It is quite a pity that Bybit that is one of the fast growing centralized exchange has been hacked.

A lot of withdrawals have pressured the exchange for the past several hours after the news broke out.

And I think they're able to process most of the withdrawal request because they should do. If they are able to overcome this heist, they'll come back again because of how they have handled the situation.

Maybe some will still trust them because of how they have processed all of it but for sure many won't be coming back to them anymore.

The hack was similar to the WazirX incident last year, where the hackers were able to compromise the exchange’s Safe multisig wallet. In order to execute this exploit, you would probably have to compromise several devices. We have heard about how North Korean hackers have been unknowingly hired by crypto companies and this could be a way that they are able to gain access to their infrastructure.

The thing about multisig on Ethereum is that it is smart contract based, so you don’t necessarily have to steal a set of private keys directly to drain a wallet’s funds, you can instead trick the wallet co-signers into signing a malicious payload that transfers ownership of the wallet to an attacker.

So bad we are experiencing so much vulnerability in the cryptocurrency space, and a wake-up call that only we can be our security, so long as you have connected your wallet to a smart contract there is some unknown access that the other parties have over that wallet and is as bad as having access to shift funds without the other parties approvals, so crypto holder need to be smarter and be their coin holder never trust any third party with your main asset wallet and to avoid storing large coins and assets on an exchange, this North Korea hacker seems to have access to a lot of things that most cryptocurrency exchanges may not have controls over and as long as the group remains they will continue to be a threat to the cryptocurrency industry most especially exchange and other services providers.

This will make it difficult to identify any of them and increase their danger. I also find it logical that the Lazarus Group is made up of advanced hackers who gain their experience and skills from the global market and not from North Korea, which would not be able to develop such high-level skills in a field that the state does not even recognize. The Lazarus Group is a hacker group that was gathered by North Korean intelligence primarily for sabotage purposes and also for financial reasons since it is able to provide assets of global value that the isolated country cannot achieve in any way. Since the group operates under government cover, this will make it difficult to identify its members or to confront future hacking attempts.