Kingdaiye Crypto Space

Kingdaiye Crypto Space

2/23/2025, 9:30:26 AM

A little backstory: On February 21, 2025, Bybit, one of the world’s largest crypto exchanges, was hacked for $1.4 billion. Bybit is a major exchange with: ✅ $16.2B in reserves ✅ Multi-signature cold wallets ✅ A strong security team The stolen funds (401,347 ETH) were drained from one of its most secure cold wallets. But, Bybit didn’t collapse. Bybit CEO Ben Zhou responded immediately: ⟜ Secured a bridge loan covering 80% of losses ⟜ Confirmed user funds were safe ⟜ Kept withdrawals running despite $1.5B in outflows They held the line and proved they had real reserves. But the damage was done. x.com/benbybit/statu… Arkham Intelligence then put up a $50,000 bounty to identify the attackers. On-chain analyst @zachxbt started investigating. He followed the stolen ETH and linked it to Lazarus Group. x.com/arkham/status/…

Kingdaiye Crypto Space

2/23/2025, 9:30:49 AM

BREAKING: BYBIT $1 BILLION HACK BOUNTY SOLVED BY ZACHXBT At 19:09 UTC today, @zachxbt submitted definitive proof that this attack on Bybit was performed by the LAZARUS GROUP. His submission included a detailed analysis of test transactions and connected wallets used ahead of the exploit, as well as multiple forensics graphs and timing analyses. The submission has been shared with the Bybit team in support of their investigation. We wish them all the best.

Kingdaiye Crypto Space

2/23/2025, 9:31:12 AM

In his research, he found: ⟜ Test transactions before the exploit ⟜ Wallet connections to past Lazarus hacks ⟜ Transaction timing matching Lazarus’ previous attacks Bybit and law enforcement are now tracking the stolen funds.

Kingdaiye Crypto Space

2/23/2025, 9:31:41 AM

Who is Park Jin and how did he pull it off? He is a North Korean hacker wanted by the FBI. 🔸 Trained at Kim Chaek University of Technology in Pyongyang. 🔸 Worked for Chosun Expo, a Lazarus Group front company. 🔸 Accused of launching WannaCry, the ransomware attack that hit 150+ countries. The U.S. and South Korea have been tracking him for years. But North Korea denies he even exists.

Kingdaiye Crypto Space

2/23/2025, 9:32:00 AM

The infamous Lazarus Group is a cybercrime syndicate with one mission: steal billions to fund North Korea’s military. They’ve pulled off some of the biggest financial crimes in history: ⟜ Axie Infinity (Ronin Bridge): $625M ⟜ Harmony Bridge: $100M ⟜ Stake.com: $41M ⟜ Atomic Wallet: $100M ⟜ WazirX: $230M ⟜ And now, Bybit: $1.4B.

Kingdaiye Crypto Space

2/23/2025, 9:32:25 AM

Their methods include: ⟜ Social engineering—tricking employees into handing over access. ⟜ Phishing attacks—stealing login credentials. ⟜ Malicious smart contracts—manipulating transactions. Here’s how they pulled off the latest hack Bybit’s ETH was in a multi-signature cold wallet—the safest way to store funds. To move money, you need multiple signers to approve transactions. Lazarus never needed to hack Bybit’s servers or get their passwords. They let the signers do all the work for them. Step 1: The hackers mirrored Bybit’s signing interface. The transaction looked normal. It showed the right recipient address. The amount was what the signers expected. But behind the scenes, the contract logic was different. Step 2: The moment signers approved the transaction, they weren’t just transferring ETH. They changed the wallet’s contract code. Suddenly, the hackers had full control over Bybit’s cold wallet. Bybit’s own security team had handed them the keys.

Kingdaiye Crypto Space

2/23/2025, 9:32:51 AM

Step 3: The money was split into 53 wallets: ⟜ 39 wallets got 10,000 ETH each ⟜ 9 wallets got 10,000 ETH each

Kingdaiye Crypto Space

2/23/2025, 9:33:49 AM

What's next? The funds are moving. The trail's going cold. The game continues. Remember: Even the biggest players can get hit. Not your keys = not your coins. Cold storage isn't always cold enough. That’s a wrap. If you found this valuable: 1️⃣ Like the first post 2️⃣ Repost and bookmark 3️⃣ Follow me @UEtudaiye for more

Kingdaiye Crypto Space

2/23/2025, 9:30:01 AM

This is *Park Jin*👆 A key player in Lazarus Group, North Korea’s elite cybercrime unit. They are behind ⟜ Sony Pictures hack (2014) ⟜ Bangladesh Central Bank heist ($81M stolen) ⟜ And now, A $1.4B heist on Bybit (2025) Here’s how he pull off one of the biggest crypto hacks ever 🧵