- Blockchain investigator Zachxbt discovered an attack on Bibit in the North Korean Lazarus Group.
- Hack is allegedly associated with an attack on the Crypto Exchange Famex in January.
- Bybit CEO Ben Zhou claims that the exchange has taken advantage of the bridge loan to achieve 80% of the stolen funds of customers.
Crypto explorer ZachxBT on Friday connected the $ 1.44 billion hack of the Crypto Exchange Bibit to the notorious Lazarus Group, allegedly responsible for some top attacks on the digital asset platform.
Additionally, bybit CEO Ben Jhou claimed that the exchange had raised about 80% stolen funds from the bridge loan, encouraging users to remain calm.
The Lazarus Group attacked Crypto again, the bibit is aimed at quick recovery
Crypto explorer Zachxbt claims that the bibit attack was carried out by the North Korean Lazarus Group.
According to a post by Arakham on X, Zachxbt presented “definite evidence”, recently connected this exploitation to the Lazarus Group.
Arkham shared in a post on X, “His submission included a detailed analysis of testing transactions and connected wallets, which were used before exploitation, as well as many forensic graphs and time analysis.”
This is another successful attack on top crypto companies by anonymous group.
Zachxbt also shared in response to Arkham that he added the Famex Exchange attack in January, where the hackers stole $ 30 million.
TLDR was connected to PHEMEX hack by PHEMEX
– zachxbt (@zachxbt) 21 February, 2025
Arkham offered a reward of 50,000 arcum, priced at $ 32,000, which could identify criminals behind the attack.
This came after Bibit confirmed a major security violation, resulting in a loss of $ 1.44 billion in ET-related assets, marked one of the greatest theft in Crypto market history.
In response, co-founder and CEO Ben Jhao assured users that Exachase would honor all withdrawals requests, including the review.
He claimed that the company is taking advantage of the bridge loan from the partners, which is unlikely to deal with the increased withdrawal requests in the form of repurchase of stolen tokens from the open market.
Bybit also issued a statement to users on X, claiming that it had told the incident to the appropriate officials.
They also claim that to prevent hackers from spending tokens to reach the on-chant providers to track the activities of the wallet.
We have told the matter to the appropriate officials and as soon as we have any other information, we will send an update. We have fortunately worked on a quick and massive work with on-chain analytics providers to identify the implicated addresses. These actions…
– bybit (@bybit_official) 21 February, 2025
The latest hack adds to a growing list of cyber attacks responsible for the Lazarus group, which has orchestrated some of the biggest cryptocurrency theft in history.
Other major events of the group include $ 625 million Ronin Network (Achiest Infinity) Hast, $ 100 million migration with atomic wallet breech, $ 54 million coinx hacks and alfapo exploitation of $ 60 million.
