*BYBIT COLD WALLET HACK BY LAZARUS GROUP* This is Lazarus Group. The North Korean Government-backed hacker group That just stole $1.46 billion from Bybit And here’s the chilling part: They didn’t break the code — they broke the people. This is the untold story of how they did it (and why no one is truly safe). Lazarus isn’t your average hacking group. They’re state-backed, funded by North Korea, and have stolen billions from banks, crypto exchanges, and DeFi protocols. But this time, they pulled off the biggest crypto heist in history. And the scariest part? There was no code exploit. No leaked private keys. Bybit’s own multisig signers approved the transactions. They thought they were signing a routine transfer. Instead, they were handing over their entire cold wallet. But here’s the question that keeps everyone awake at night: How did Lazarus know exactly who to target? A multisig wallet requires multiple signers. If even one refused to sign, the hack would fail. But they all signed. That means Lazarus didn’t just hack Bybit… They hacked the people behind it. There are only a few ways to get that kind of information: • Inside job – Someone leaked the signer list. • Social engineering – Lazarus studied their emails, behavior, and routines. • Device compromise – One or more signers were infected with malware. This isn’t just a Bybit problem. It’s a wake-up call for every exchange out there. Today, Lazarus stole 0.42% of all Ethereum. Let that sink in. They now own: • More than the Ethereum Foundation. • More than Vitalik Buterin. • More than Fidelity. But laundering that much ETH without detection isn’t easy. In previous attacks, Lazarus has used: • Bridging to other blockchains • On-chain mixing services • OTC trading via illicit brokers Would they try the same tactics again? Investigators quickly flagged the 53 wallets holding the stolen ETH. Any attempt to cash out or swap funds would immediately raise red flags. But Lazarus isn’t in a hurry. In 2022, Chainalysis found Lazarus still held $55M from hacks six years earlier. They don’t cash out fast. They wait. And no one has ever gotten their money back. Not once. Lazarus doesn’t negotiate. They don’t return funds. So what happens to the users? Bybit’s CEO, Ben Zhou, addressed the crisis publicly: • “Client funds are 1:1 backed.” • “We have enough liquidity to cover withdrawals.” • “All other wallets remain secure.” So far, no bank run. But this isn’t the first time this has happened. And it won’t be the last. Lazarus is a reminder that in the world of crypto, the weakest link isn’t the technology — it’s the people. So how do you stay safe? Here are a few simple steps: 1. Enable 2FA everywhere. 2. Be cautious of phishing emails and suspicious links. 3. Use hardware wallets for large amounts. 4. Regularly update your devices and software. 5. Stay informed about the latest threats. The truth is, no one is truly safe. But with the right precautions, you can make it a lot harder for hackers like Lazarus to win. Stay vigilant. Stay safe. Because in the end, the best defense is awareness. Credit: Pix on Chain Via Twitter