North Korea's Lazarus Group Suspected in $1.4 Billion Bybit Hack
Lazarus Group, a state-sponsored hacking organization from North Korea, is suspected to be behind the $1.4 billion Ethereum hack on cryptocurrency exchange Bybit. This information comes from blockchain data platform Arkham Intelligence.
The suspicion stems from on-chain data analysis that links the activity to previous attacks associated with the Lazarus Group. This connection was established by an anonymous on-chain investigator known as ZachXBT, who has a history of solving numerous crypto hacks. His report included a detailed analysis of test transactions, connected wallets used before the exploit, and several forensic graphs and timing analyses.
Arkham Intelligence had previously announced a bounty of nearly $30,000 in ARKM tokens for information leading to the identification of the hackers behind the Bybit hack. The hack not only impacted Bybit but also sent shockwaves through the crypto markets.
The Lazarus Group is considered one of the most sophisticated on-chain operators globally. Last year, they reportedly stole over $1.3 billion from various projects, accounting for 61% of all illicitly obtained crypto in 2024, according to Chainalysis.
Currently, the specifics of the recent hack, the largest in crypto history based on asset prices at the time of the incident, remain unclear. Bybit claimed that the exploit involved a "sophisticated attack" that masked the signing interface of a multi-signature transaction, making a hacker-controlled wallet appear as the intended recipient address.
This incident highlights the growing threat of state-sponsored cybercrime in the crypto space. The Lazarus Group's suspected involvement underscores the sophistication and scale of such operations. It also serves as a stark reminder of the security vulnerabilities inherent in the crypto market and the need for robust security measures to protect against such sophisticated attacks.