Arkham Intelligence revealed that ZachXBT, a renowned on-chain security expert, linked the North Korean hacker group Lazarus to the massive $1.46 billion Bybit hack on February 21. This discovery has brought major attention to the attack, one of the largest in crypto history.
To help uncover more details, Arkham has set up a reward bounty, offering 50,000 ARKM (about $31,500). This reward is for anyone who can provide valuable information about the hackers or their organization.
Impact of the Bybit Hack
The hack resulted in the theft of $1.46 billion in staked Ether and ERC-20 tokens. ZachXBT was quick to spot the breach, using on-chain data to trace the attackers. Blockaid, an on-chain security platform, confirmed that this is the largest crypto exchange hack ever recorded.
Crypto Community’s Support for Bybit
After the breach, the crypto community showed strong support for Bybit. Tron blockchain’s founder, Justin Sun, announced that the network was helping trace the stolen funds. Meanwhile, OKX’s security team joined the investigation, offering assistance. KuCoin also expressed full support for Bybit, emphasizing the importance of collaboration across exchanges to fight cybercrime.
Preventing Crypto Hacks: Key Security Tips
In light of the hack, various crypto platforms reminded users about the importance of security measures. KuCoin urged its community to enable two-factor authentication, set strong passwords, and use passkeys. Coinbase executive Conor Grogan reassured the public, stating that Bybit’s assets were secure despite the breach, and the platform was well-capitalized.
