- Lazarus Group stole $1.46B from Bybit, laundering 5,000 ETH through eXch and Chainflip.
- Hackers split funds across multiple wallets, using mixers to evade blockchain tracking.
- Bybit seeks recovery, securing loans while investigators track stolen assets.
A massive crypto heist has sent shockwaves through the industry. Hackers infiltrated Bybit, one of the largest exchanges, draining approximately $1.46 billion in assets. Analysts believe the North Korean-linked Lazarus Group masterminded this breach. Blockchain researcher ZachXBT traced 5,000 ETH to a new wallet before the funds vanished through a complex laundering operation. The stolen crypto passed through the eXch mixer and later bridged to Bitcoin using Chainflip, making recovery even more challenging.
The Largest Crypto Hack in History
The Bybit Exchange breach has become the biggest theft in the industry, surpassing the $611 million Poly Network hack of 2021. Arkham Intelligence confirmed over $1.4 billion in assets moving out of the exchange. Bybit CEO Ben Zhou addressed concerns during a livestream, assuring users that 80% of the lost funds had been covered through bridge loans secured from partners.
Stolen assets included $1.12 billion worth of Ether and additional Ethereum-based derivatives. The hackers transferred assets into a single wallet before splitting transactions across more than 40 different addresses. To further complicate tracking, multiple $27 million transfers were executed across additional wallets.
A High-Stakes Race to Recover Stolen Crypto
Blockchain investigators identified the attackers as Lazarus Group, notorious for large-scale crypto heists. Analysts noted similarities between this breach and attacks on WazirX and Radiant Capital. Security experts suspect the use of advanced phishing techniques and stolen credentials allowed the cybercriminals to gain access.
Authorities and blockchain security firms are racing to track and freeze the stolen assets before laundering efforts succeed. Bybit’s leadership has called for stronger cross-chain monitoring tools to prevent similar exploits in the future. ZachXBT continues tracking suspicious wallet activity, flagging transactions as hackers attempt to move funds unnoticed.
Cybersecurity firms are coordinating efforts with exchanges to block further transfers. The crypto community watches closely as Bybit strengthens security protocols. With billions at stake, the battle between security experts and cybercriminals intensifies. Every move in this unfolding drama could set the stage for the future of crypto security.
