Bybit hack : more than 1,4 billions stolen

[Doan9269]

I haven't seen anything elsewhere on the forum about the phenomenal Bybit hack that has just taken place. The hackers are said to be from the Lazarus group, and they are allegedly reselling the fruit of the thefts. Evidently a massive withdrawal of cryptos is taking place right now, while Bybit's funds would be sufficient to cover the losses. You can follow this infernal saga on X. 

Event like this happening is part of the reasons some will always see cryptocurrency as a menace for scam, which is a total misconception but we can't do anything to control on these except the people investing realized they have to hold their coins on their personal non custodial wallet instead of using a centralized exchange, though this scam effect was not executed on all Bybit users, but only some or few were affected by the scam, hackers aren't taking it with ease these days, we have to be informed and take the necessary action to protect ourselves.

[Synchronice]

I hope that President Trump is watching all this unfold and realizes what a terrible idea it is for the United States to buy anything other than BTC.

Sadly, President Trump doesn't know what Bitcoin is and how to make transaction with it. I think he is highly unqualified in this but I hope people around him are very qualified.

Today it's the Lazarus group, tomorrow it is another hacking group.

No, it's always Lazarus group and it's a little funny. It's a strange that North Korean hackers are so successful. We speak about North Korean, a country where the majority of people don't have access to computer and internet. There is an opinion that in North Korea, the government chooses very talented people at school and sends them to Russia and China but it's still strange to believe that this country has such a talented pool of hackers.

And it seems that Bybit is fine with what happened, and they can refund all stolen funds to their customers 1:1.
The weird part is how? Look how Bybit earn from their trading site? They only earn from trading fees, which is relatively small in comparison to the stolen amount of 1.4 billion. Sorry but I feel this is FUD.

They charge you fees from every trade. There are people who make tens or hundreds a trade per day and don't forget that Bybit has more than 60 million users.

[GideonGono]

Another reminder for those who loves to hold their investment in trading sites or online wallets that if it is not your keys, not your coins.
If you don't have a complete control over your funds, and couldn't secure it properly no matter how much it is, it would all be gone if you got hacked.

[DiMarxist]

I have seen it in the our local board and from what I saw from the CEO's statement, the hack was only for Ethereum and every other coins are saved and secured and their are tracking the scammers to recover the funds. And after the hacked, they have released 4,000+ withdrawal though the withdrawal is slow. But withdrawal is going smoothly without obstruction. And the first panic withdrawal and been reduced.
After the hacked $560m USDT were deposited in Bybit. This are so.e of the reasons why id not good to keep your coins in centralized exchanges. If really Lazarus group was the one involved in this act then they are threat to the cryptocurrency ecosystem.

[Fiatless]

I have seen this post by FBI on which there is 3 of these hackers been by FBI, on which i could say that they are that fast now on making up such action. Wondering on how these hackers been that directly been traced up. Usually these exchange hacks incidents do really have on the same patterns at the time where bull run cycle is nearby or happening on which basing up into those previous cycle or runs then we arent just that seeing one but possible multiple exchange hacks incidents on which this is really that not shocking anymore. These are the common signs that we are near bull run. 

I just hope these hacked funds will be recovered. Information has it that some of the funds have been sold by this criminal Lazarus Group. This is a sad reminder that we should never keep our coins in a centralized platform. I have a friend who was almost going mad after his withdrawal order had been delayed for hours.

The effects of the hack didn't massively affect the price of Bitcoin. Hopefully the price will recover fully in few days and the bull run will continue.

[Sonia_123]

Bybit hack, withdrawals top $5.3B, but ‘reserves exceed liabilities’ — Hacken
https://cointelegraph.com/news/bybit-hack-withdrawals-5-3b-reserves-secure-hacken

Bybit’s assets fell by more than $5B after its $1.4 billion hack on Feb. 21, but independent audits confirm its reserves still exceed liabilities, ensuring full backing for user funds.
Cryptocurrency exchange Bybit has maintained reserves exceeding its liabilities despite suffering a $1.4 billion hack and an overall $5.3 billion decline in total assets, according to DefiLlama data.

The Feb. 21 hack marked the largest crypto theft in history, with attackers stealing more than $1.4 billion in liquid-staked Ether STETH $2,756.29
, Mantle Staked ETH (mETH) and other ERC-20 tokens.

[Z-tight]

Few hours ago Bybit ceo said they experienced the highest number of withdrawals in their history, that is to tell you the level of panic people felt after the news of the hack came to the public, over 300k withdrawals and more, crazy.

I am surprised that Bybit didn't suspend withdrawals and they still haven't up until now, maybe they are trying to win back the trust of their customers, though it would not be easy; not your keys, not your coins, don't trust any exchange with your funds, put them in your self custodial wallet. Bybit is also offering a reward of 10% of the recovered funds to anyone or expert who contributes in helping them recover the stolen funds, we'll see how things play out.

[alani123]

It's interesting that Bybit lost so much yet anyone I've asked is able to withdraw.

They were physhed at an executive level and cheated out of their own multisig signer system and yet they managed to keep withdrawals up.

Some say they even got a loan from Ripple labs to sustain the volume of withdrawals. It's surely going to be a reputational hit for their platform but it looks like they'll continue.
I don't think bybit will fold to be honest because they continue to be one of the most liquid futures markets and some benefit from the volatility anyway so the exchange keeps making profit for sure. But it's always good to not keep money there anyway.

[Becassine]

Good evening,

I hadn't seen that another threads about this hack had been opened (I didn't think to dig deeper into ninjastic), so I'll close this one. You can follow the threads here :

https://bitcointalk.org/index.php?topic=5532905.0

https://bitcointalk.org/index.php?topic=5532906.msg65090671#msg65090671