đ´â ď¸ Bybit just lost $1.46B, Without a single line of code being hacked. Here is how! đ´â ď¸
-They didnât break the system.
-They broke the people.
Hereâs how it happened and why you should be cautious:
[Explained by @pixonchain] đ
âThis is Lazarus
âł They just stole $1.46 billion from Bybit
And they didnât break the code â they broke the people
Hereâs untold story of how they did it (and why no one is truly safe) â
Lazarus is a state-backed North Korean hacking group
Theyâve stolen billions from banks, crypto exchanges, and DeFi protocols
And now, theyâve pulled off the biggest crypto heist in history
But how? Well...
There was no code exploit.
No leaked private keys.
Bybitâs own multisig signers approved the transactions.
They thought they were signing a routine transfer.
Instead, they were handing over their entire cold wallet...
But that raises a terrifying question.
How did Lazarus know exactly who to target?
A multisig wallet requires multiple signers.
If even one refused to sign, the hack would fail.
But they all signed.
That means Lazarus didnât just hack BybitâŚ
They knew who to manipulate
There are only a few ways to get that kind of information.
⢠Inside job â Someone leaked the signer list.
⢠Social engineering â Lazarus studied their emails & behavior.
⢠Device compromise â One or more signers were infected with malware.
â ď¸This means other exchanges are at risk too...â ď¸
Today Lazarus stole 0.42% of all Ethereum
It means they own đMore than the Ethereum Foundation.
đ More than Vitalik Buterin.
đ And more than Fidelity.
But laundering that much ETH without detection isnât easy...
In previous attacks, Lazarus has used:
⢠Bridging to other blockchains
⢠On-chain mixing services
⢠OTC trading via illicit brokers
Would they try the same tactics again?
Investigators quickly flagged the 53 wallets holding the stolen ETH.
Any attempt to cash out or swap funds would immediately raise red flags.
But Lazarus are in no hurry...
In 2022, Chainalysis found Lazarus still held $55M from hacks six years earlier.
They donât cash out fast. They wait.
And no one has ever gotten their money back.
Not once.
Lazarus doesnât negotiate. They donât return funds.
So what happens to users?
Bybitâs CEO, Ben Zhou, addressed the crisis publicly:
⢠âClient funds are 1:1 backed.â
⢠âWe have enough liquidity to cover withdrawals.â
⢠âAll other wallets remain secure.â
So far, no bank run...
But this isnât the first time this happened and it wonât be the last.
So how do you stay safe? Follow these simple steps:
HOW TO STAY SAFE:
1. Cold wallets stay cold â If it touches the internet, itâs not cold.
2. Never sign blind â Always verify what youâre signing, even if the UI looks legit.
3. Spread your risk â Never keep all your funds in one place.
4. Secure your keys â Use a hardware wallet. No exceptions.
5. Assume youâre a target â Lazarus doesnât hack systems.
They hack people.
đ Stay paranoid, and stay safe!