Bybit suffers major hack with over $1.46 billion in Ethereum stolen

[igebotz]

Just only Mantle network was not disabled for now for USDT. It was three that was not disabled some hours ago. Although, the CEO complained that there was too much congestion as many people wants to withdraw their coins. I saw CZ Binance founder posted on X advising Bybit to disable withdrawal.

Trc20, BEP20 and other networks are open to withdrawal now, closing some networks was a way to reduce the congestion on multiple networks at the same time- suspending withdrawal would have created more chaos than it is now.

I think they have already getting lead on the hackers ( the transaction was trace to Lazarus group ), FBI is already on their tail ( looking for them ) .

The Lazarus group are North Korea government sponsored hackers and there's nothing the FBI can do - whenever goes in NK remains in NK. Way beyond the FBI.

[Davidvictorson]

Bybit has confirmed that all customer funds are secured and even if the lost funds aren't retrieved, Bybit will remain solvent.

This talk na for pipo wey get money for bybit na. Those pipo now go don get high BP. E get one guy way I see him status, him talk say as him don recover him money from MxGot after two years him come carry am put fot bybit. At that time sef, I nor sure say him been don read this hack news from bybit. Pipo wey nor dey learn from their own mistakes and others go learn am the very hard way.

[MainIbem]

Bybit has confirmed that all customer funds are secured and even if the lost funds aren't retrieved, Bybit will remain solvent.

This talk na for pipo wey get money for bybit na. Those pipo now go don get high BP. E get one guy way I see him status, him talk say as him don recover him money from MxGot after two years him come carry am put fot bybit. At that time sef, I nor sure say him been don read this hack news from bybit. Pipo wey nor dey learn from their own mistakes and others go learn am the very hard way.

Dem say experience na the best teacher but that person no learn from em experience at all, after all the hard efforts to recover em money from one CEX I expect am to wise up transfer the money to more better and secured waller but em still get mind carry am go put for bybit wey be another CEX I wonder how em go react to this news when em discover the hack story, even though em asset wey dey for Bybit no be ETh I believe say em go first fear out of the experience with MxGot, I believe say after this new if em dey very wise enough em go transfer em money put for where they very secure and safe from hackers instead of to go transfer for another CEX exchange again. Them say first fool no be fool but na the second one be the real mumu.

[promise444c5]

I think they have already getting lead on the hackers ( the transaction was trace to Lazarus group ), FBI is already on their tail ( looking for them ) .

Hahaha do you know how long Lazarus group has been in existence   , they have so many names each point back to the Lazarus group but indirectly ( they are well know group of hackers) one of links  is CiberInteligenciaSV  whom were behind the El Savador hack.. so do you think FBI can still do something about it(let's watch but I doubt it). 

[nelson4lov]

In reality, no system is 100% hack proof. No matter how many layers of security a system has, it is never hack proof. The best you can do is to continously add layers of security that makes it harder to get through.

It was a multisig wallet that was hacked. I do not think cold wallet can be hacked. If the cold wallet is multisig, then the security of the cold wallet will be more. If I remember correctly, when BingX was hacked, it was also multisig wallet or so I think. But the easy the seed phrase is protected is very important against hack.

Cold wallet is very secure but not 100% hack proof. I'm not a security expert but from what I know, cold wallets are secure but there are two confirmed ways a cold wallet can be hacked:

1. If the cryptographic algorithm get compromised.
2. If the signer/owner is careless or falls prey to social engineering and negligence.


For #1, it's not possible yet until we get quantum computing at scale that can break the current cryptographic algorithms that we have.

#2 is how bybit got hacked. Multisigs are only as secure as the signers.

In hindsight, you might have a cold wallet and connect it to a compromised computer to make transaction like how ledger wallet requires ledger live and they manipulated to sign something different or even better, goos old social engineering.

[Charles-Tim]

Cold wallet is very secure but not 100% hack proof. I'm not a security expert but from what I know, cold wallets are secure but there are two confirmed ways a cold wallet can be hacked:

2. If the signer/owner is careless or falls prey to social engineering and negligence.

#2 is how bybit got hacked. Multisigs are only as secure as the signers.

You are right. This is even what happened to Bybit.

The breach occurred during a routine transfer from Bybit’s ETH multi-signature cold wallet to its warm wallet. The attackers employed a sophisticated method, manipulating the transaction by masking the signing interface.

[Coyster]

As we dey talk for this forum, not your keys, not your crypto oh, if you keep your crypto for exchange or for custodial platforms, if anything happen to that platform, your money dey at big risk oh. I know say many of our Nigerians here dey use bybit, and i know say everybody go don rush go withdraw their money, because bybit still allow withdrawals make dem dey go through. Bybit lose better money for this hack oh, and i hope say e no go stop their operation.

[BayAreaCoins]

Bybit has confirmed that all customer funds are secured and even if the lost funds aren't retrieved, Bybit will remain solvent.

Lol, right........

There is not a snowball's chance in hell they could meet a 100% call right now, they are just praying it is spread out over the years.

[Donneski]

As we dey talk for this forum, not your keys, not your crypto oh, if you keep your crypto for exchange or for custodial platforms, if anything happen to that platform, your money dey at big risk oh. I know say many of our Nigerians here dey use bybit, and i know say everybody go don rush go withdraw their money, because bybit still allow withdrawals make dem dey go through. Bybit lose better money for this hack oh, and i hope say e no go stop their operation.

I think this recent hacking that happened to Bybit will serve as a big reminder to many Nigerians who are known for stocking their digital assets in crypto exchanges of the need to store their assets in non-custodial wallets where their money will not be managed by a third party. It's not a bad idea to use crypto exchanges when necessary but it's not safe to use them as a means of saving out digital assets. It's against the theory of decentralization in Bitcoin and shouldn't be encouraged.

[CryptSafe]

This shows how unsafe it is to have one's assets kept or stored with third parties exchange. You can imagine how big and sophisticated the exchange is but yet they suffered hack and lose investors funds in huge amount.

This still vindicates the slogan of " not your keys, not your coin" it is never advisable to continue to keep your assets with exchange after seeing this incidence occur again. People should take precautionary measures to always safeguard their assets by keeping them uhde their custody.

The risk of traders who trust their money too much to third parties while long-term investors occupy the safest position so far. Well at least I have warned several of my closest friends not to trust their money too much in centralized exchanges. Bybit still guarantees that its users assets are safe because only the Ethereum hot wallet was attacked, while other assets, especially Bitcoin, were not.
In January Phemex, with a value of $ 70M and now in February Bybit with $ 1.4B. What about March? everyone should always be aware that nothing is safe when your money is more on the exchange.

And boom who is behind it all? Here We Go hackers are North Korea Lazarus Group.
https://x.com/arkham/status/1893033424224411885

Edited: because there is the word naira in this thread and it came into my telegram notification, so I thought this is a global thread but it turned out to be a local Nigerian thread.
Sorry to everyone if I was rude to enter. hehe fogive me 

I just noticed you changed your name from Naira to MArsland. That was so fast because when I got the notification initially that day you made this post, what I saw on my telegram handle was naira and I must say that you too have been receiving a series of notifications whenever the name naira is mentioned and it must have pissed you off so badly. Anyways that is the name of the Nigeria local currency so anytime it is mentioned here, you receive a notification as well.

As for Bybit, they already assured their community that they are solvent and have nothing to worry about. I do not doubt that moreover, bybit is amongst the top 10 exchanges if I am not mistaken so that should not be a problem for them irrespective of the fact that the hack is the biggest so far in crypto history. I have always said here that member's third parties are not safe to keep assets and that members should always remember the: not your keys, not your coin " slogan to play safe.

Congratulations on your new forum identity.

[MArsland]

I just noticed you changed your name from Naira to MArsland. That was so fast because when I got the notification initially that day you made this post, what I saw on my telegram handle was naira and I must say that you too have been receiving a series of notifications whenever the name naira is mentioned and it must have pissed you off so badly. Anyways that is the name of the Nigeria local currency so anytime it is mentioned here, you receive a notification as well.

It seems you also noticed the "naira" tag, this has been happening for years on my account but now is the perfect time especially since I entered your local without realizing it. Btw, the name "naira" is my daughter's name

[CryptSafe]

I just noticed you changed your name from Naira to MArsland. That was so fast because when I got the notification initially that day you made this post, what I saw on my telegram handle was naira and I must say that you too have been receiving a series of notifications whenever the name naira is mentioned and it must have pissed you off so badly. Anyways that is the name of the Nigeria local currency so anytime it is mentioned here, you receive a notification as well.

It seems you also noticed the "naira" tag, this has been happening for years on my account but now is the perfect time especially since I entered your local without realizing it. Btw, the name "naira" is my daughter's name

Wow, that's nice your daughter bears such name. I least expected that I would meet or hear somebody say their name or their child bears the name Naira. It is nice hearing this and as a matter of fact, I have been wondering if you were from my country because of the name and thought you were avoiding identifying with us hearing this makes me more curious about your nationality as I have not looked into your post to see the locals were you post often and I know your daughter must be a pretty girl to have been given that name.

[Obim34]

Bybit has confirmed that all customer funds are secured and even if the lost funds aren't retrieved, Bybit will remain solvent.

This talk na for pipo wey get money for bybit na. Those pipo now go don get high BP. E get one guy way I see him status, him talk say as him don recover him money from MxGot after two years him come carry am put fot bybit. At that time sef, I nor sure say him been don read this hack news from bybit. Pipo wey nor dey learn from their own mistakes and others go learn am the very hard way.

Dem say experience na the best teacher but that person no learn from em experience at all, after all the hard efforts to recover em money from one CEX I expect am to wise up transfer the money to more better and secured waller but em still get mind carry am go put for bybit wey be another CEX I wonder how em go react to this news when em discover the hack story, even though em asset wey dey for Bybit no be ETh I believe say em go first fear out of the experience with MxGot, I believe say after this new if em dey very wise enough em go transfer em money put for where they very secure and safe from hackers instead of to go transfer for another CEX exchange again. Them say first fool no be fool but na the second one be the real mumu.

As long they still remain in the market, all initials must be returned to as many investors. Hacks like this are not something that happens often, the exchange knows how to recover if not from the hackers but from own funds. It's rather better to stick with advise, end holding our portfolio inside of CEX, if not for a big reputed exchange like Bybit, smaller ones that is yet to stand well in the exchange market may not have enough to settle the customers.

Maybe he felt a big exchange like Bybit is above being hacked, this situation really should clear his thought, even Binance we see as one of the biggest CEX today is endangered and more targeted by hackers, if they should peradventure get through lots of investors funds will be lost because i see the trust built on them made customers ready to leave their investment inside the exchange without being scared.

[sokani]

I think they have already getting lead on the hackers ( the transaction was trace to Lazarus group ), FBI is already on their tail ( looking for them ) .

Baba no too dey reason some posts on X. When matter gaz like this, naso some social media influencer go dey come up with stories upandan just to get traction to their posts/tweets. I believe these names and pictures where gotten from FBI list of Lazarus group most wanted hackers/criminals and used to shilled the post on X.

Just as you've been told, FBI hands no dey this matter but people still dey follow the trail and so far Tether don freeze one of their address with $181k USDT while mantle network don recover 15,000 mantle wey worth about $43 million dollars.


https://x.com/paoloardoino/status/1893288600625721804?t=QggqBOrBGlpUU1AAn1hxUw&s=19


https://x.com/Mudit__Gupta/status/1893290720603050121?t=_ZMruZKUtxPjhhMSsy7-6A&s=19

[igebotz]

Bybit has confirmed that all customer funds are secured and even if the lost funds aren't retrieved, Bybit will remain solvent.

Lol, right........

There is not a snowball's chance in hell they could meet a 100% call right now, they are just praying it is spread out over the years.

They're getting support and huge liquidity from other exchanges to meet urgent withdrawal demands and there's no way in hell they're going to get anything close to a billion $ withdrawal request at the moment. They handled the situation very well and normally deposits and withdrawals activities are still going on to balance the book.

I think they have already getting lead on the hackers ( the transaction was trace to Lazarus group ), FBI is already on their tail ( looking for them ) .

Nothing concern FBI for North Korea soil - those pictures fit dey there for 50 years as long as those hackers remains on North Korea soil and don't forget they're allegedly NK Govemment sponsored hackers.

[Sonia_123]

Bybit Acquires 100% Ethereum Lost From the Hack In 48 Hours.
https://coingape.com/bybit-acquires-100-ethereum-lost-from-the-hack-in-48-hours/

Crypto exchange Bybit announced that it has recovered almost 100% of its Ethereum lost through loans and other OTC deals.
Bybit secured 254,830 ETH through OTC deals with Galaxy Digital, FalconX, and Wintermute.
The exchange has also undertaken key institutional loans following its major security breach.
Bybit's CEO Ben Zhou confirmed the exchange has closed the ETH gap ensuring 100% 1:1 client asset backing.

[justinlamode]

I think it is now obvious that keeping cryptocurrency in Exchanges is a very risky thing to do. For those trading, they can only keep the amount they use for trading and quickly withdraw their profits to private wallets. For those buying through centralized exchanges, endeavour to withdraw as soon as possible to avoid regretting issues like this. Even though Bybit has said that they can cover the loss, it is not yet clear if the people whose funds are their will receive their money immediately or at a later date.

[Donneski]

As we dey talk for this forum, not your keys, not your crypto oh, if you keep your crypto for exchange or for custodial platforms, if anything happen to that platform, your money dey at big risk oh. I know say many of our Nigerians here dey use bybit, and i know say everybody go don rush go withdraw their money, because bybit still allow withdrawals make dem dey go through. Bybit lose better money for this hack oh, and i hope say e no go stop their operation.

Using exchanges and custodial wallets to me isn't a bad idea for crypto users but were I dey always see am a bad idea na when you try to store your digital assets in them. I use exchanges only when I want to use them for transactions but not storing my assets with them because it contradicts the vision of Satoshi Nakamoto to eliminate reliance on third parties. Bybit will not stop operation because they lost $1.4b and that's because they have the financial strength to manage the situation but what if they don't? Many people would've definitely lost their assets. "Not your keys... Not your coins"

[Sonia_123]

Bybit $1.4B hack investigators tie over 11K wallets to North Korean hackers
https://cointelegraph.com/news/north-korean-hackers-crypto-wallets-bybit-hack.
Bybit and blockchain analytics firms have ramped up efforts to track and recover stolen funds, identifying more than 11,000 wallets linked to North Korean hackers.

North Korean hackers behind the $1.4 billion Bybit hack control more than 11,000 cryptocurrency wallets used to launder stolen funds, according to blockchain analytics firm Elliptic.
On Feb. 25, four days after the Bybit exploit, company co-founder and CEO Ben Zhou declared “war” on the Lazarus Group, the North Korea-linked hacking collective identified as the primary suspect. As part of the initiative to recover stolen assets, Bybit introduced a blacklist wallet application programming interface (API) and offered a bounty for tracing the funds.

[Ever-young]

I think it is now obvious that keeping cryptocurrency in Exchanges is a very risky thing to do. For those trading, they can only keep the amount they use for trading and quickly withdraw their profits to private wallets. For those buying through centralized exchanges, endeavour to withdraw as soon as possible to avoid regretting issues like this. Even though Bybit has said that they can cover the loss, it is not yet clear if the people whose funds are their will receive their money immediately or at a later date.

If nah this Bybit hack wan make you open your eye say eh no good to leave your coins for exchange which means you really been they sleep ontop information for long, this hack self no go teach who no wan learn something since the exchange don cover up all the money and dem don try to build back their reputation some people go still get faith and mind to they continue to leave their coins for exchanges.