The Bybit hack that occurred recently has been linked to the notorious North Korean Lazarus Group, according to a thorough investigation conducted on the blockchain. Recovering funds from these hackers has proven to be a daunting task in previous incidents.
A reward was put forth by Arkham Intelligence for concrete evidence, which was successfully provided by ZachXBT. It was revealed that the Lazarus hackers utilized the same wallets in the Bybit hack as they did in the Phemex hack from last month.
Bybit has now emerged as the primary target for Lazarus, experiencing a staggering $1.5 billion security breach, making it possibly one of the largest crypto hacks in history. Following the breach, Arkham Intelligence offered a bounty to identify the perpetrators, with ZachXBT uncovering substantial evidence linking the attack to the infamous Lazarus Group of North Korea.
"ZachXBT submitted irrefutable evidence at 19:09 UTC today, confirming that the Lazarus Group was behind the Bybit attack. The evidence included an in-depth analysis of pre-exploit test transactions and associated wallets, along with various forensic graphs and timing analyses. This submission has been shared with the Bybit team," Arkham stated.
ZachXBT, a prominent investigator within the crypto community, has extensive experience tracking the activities of the Lazarus Group, which was responsible for pilfering nearly $1 billion in funds last year.
It was revealed that the wallets involved in the Bybit hack were connected to the Phemex breach in January. Initially, the connection to Lazarus was not apparent in the earlier breach, but a clearer trail has now been established. This development brings some comfort to the community knowing that a concrete link has been established.
Following the hack, unfounded accusations were made by some users implicating supporters of Pi Network due to criticism of the project by Bybit's CEO. Despite the challenge of recovering stolen funds directly from the hack, ZachXBT was compensated with Arkham tokens valued at approximately $30,000 for his discovery. Given the alleged involvement of state actors from North Korea, the recovery of stolen funds presents a significant challenge.
While victims of the Bybit hack may find some solace in the situation, it remains challenging to recover the stolen funds. The exchange's CEO has reassured users that reimbursement will be facilitated through existing reserves, although a comprehensive plan has yet to be unveiled. The aftermath of the hack is still raw, but hopefully, this clarity will deter further baseless accusations.