The pirates stole 400,000 ETH – Worth $ 1.5 billion – in Bybit’s cold wallet law.
Security experts, including Zachxbt, quickly retraced the attack on the infamous Lazare group. It is a dark pirate collective that would be supported by North Korea.
Lazare group: a decade of cyber-braquents
The Lazare group has been wreaking havoc in cyber-world since 2010. Their greatest successes include Infinity Axy ($ 625 million), the atomic ($ 100 million) and Harmony Bridge ($ 100 million) portfolio ($ 100 million). They don’t only steal money – they play the long game, sitting on stolen funds for years. In 2022, Chainalysis reported that Lazarus still held $ 55 million in old hacks. The victims never come back their money again.
Park Jin Hyok is a key figure linked to Lazarus. The United States accuses him of creating Wannacry ransomware, pirate Sony Pictures and flying to the Bangladesh central bank. His links with Lazarus go through the joint venture Chosun Expo, a company before cyber attacks.
Biography of Park Jin Hyok:
⫸ The United States accuses him of creating Wannacry
⫸ Involved in piracy of Sony Pictures
⫸ stole funds at the Bangladesh central bankIt is also linked to the Lazarus group through the Co -Hot Cotepreprise Chosun Expo. pic.twitter.com/mzaqrqrtk7
– Chrome (@ 0xchromium) February 23, 2025
How the Lazare group hacked the relay
The attack targeted the multi-signature COLD portfolio from Bybit. The pirates deceived the signatories using a false interface, secretly modifying the details of the transaction. Consequently, Bebit approved without knowing the transaction of the pirate. The stolen ethn was then moved to 53 different wallets, which makes the trace more difficult.
Bybit confirmed that only this portfolio was affected. The company now takes measures to manage the crisis: first, the borrowing of ETH to allow withdrawals, then the increase in liquidity for the USDT and the USDC, because most of their ETH A Disappeared, they will possibly have to buy it on the market – an expensive and risky decision.
Today, Bybit has been hacked by its Multi-Signature ETH cold wallet.
Safety expert @ZachXBT Connected the attack to the Lazare group.
The CEO of Bybit said that the hackers used a false interface to secretly modify the details of the transaction and deceive the signatories.
– Chrome (@ 0xchromium) February 23, 2025
What happens next?
The Lazare group now whitens the stolen funds. Some assets are frozen and detectives follow transactions in real time. But Lazarus is not in a hurry. Their strategy is to wait for the heat to go out before removing.
In 2022, Chainalysis noted that Lazarus still held $ 55 million in hacks that occurred six years ago.
They play the long game, waiting patiently.
The victims never recover their money. Not once. Lazare is not interested in negotiating or reimbursing. pic.twitter.com/amibuskcu0
– Chrome (@ 0xchromium) February 23, 2025
Meanwhile, the attack rekindled concerns about the safety of the CEX. Experts call for stronger multi-signage protections and better transactions checking systems. After all, if a major exchange like Bybit can be caught with his guard, who is the next one?
Non-liability clause
The information discussed by Altcoin Buzz is not financial advice. This is only for educational, entertainment and information purposes. All information or strategies are relevant thoughts and opinions for the accepted levels of tolerance at the risk of the writer / examiners and their risk tolerance may be different from yours. We are not responsible for the losses that you can undergo due to any investment directly or indirectly linked to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please make your reasonable diligence. Copyright Altcoin Buzz Pte Ltd.
The Post Lazarus group: How they stole $ 1.5 billion in Bubit appeared first on Altcoin Buzz.
