After 10 years, Bybit is hacked again. Did ByBit forget the learnt lesson, or were the hackers too developed?

Bybit Hack by Lazarus Group

     Bybit is the victim of the largest crypto heist ever recorded in the cryptoverse; the current attack resulted in the theft of $1.4 billion in Ethereum ($ETH) and staked Ethereum ($stETH). Arkham announced a 50K ARKM bounty to identify the hacker; that bounty was claimed by sleuth ZachXBT, who provided evidence of North Korea's Lazarus Group's involvement in the hack.

The next step is unclear

     Bybit CEO Ben Zhou has publicly acknowledged the hack on the exchange. The market's reaction was swift and negative, with Ethereum's price dropping substantially. The situation is further complicated because, given the involvement of the notorious Lazarus Group, offering a whitehat bounty is no longer a viable option.

Hack but not Hit

     Bybit CEO Ben Zhou announced that withdrawals would continue uninterrupted. I suppose Ben Zhou might be afraid of losing the trust if withdrawal is halted; conversely, CZ has recommended temporarily suspending the withdrawals and offered support. Here I agree with CZ, because dealing with the hacks needs to recheck withdrawing channels.

Originally published on Wubits as Thread