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International Business Times
International Business Times
Business
Marvie Basilan

Bybit Hack: How The $1.4B Exploit Happened, Funds Recovered, And Who's Responsible

Bybit Ben Zhou Crypto Lazarus Group Nansen Tether ZachXBT Paolo Ardoino Ethereum Lookonchain
Hackers carried out the largest heist in crypto history Friday when they broke into a multisig wallet owned by crypto exchange Bybit. (Credit: Clint Patterson/Unsplash)

KEY POINTS

  • Bybit's CEO said the hackers breached multisig cold wallet and moved all the $ETH
  • Ethereum was the hardest-hit crypto asset in the exploit as per Nansen data
  • Bybit has launched a recovery campaign in hopes of getting back the stolen funds
  • Tether has frozen 181,000 $USDT linked to the Bybit exploit
  • ZachXBT provided evidence to the Arkham bounty to prove that Lazarus Group carried out the hack

Cryptocurrency exchange Bybit suffered a massive $1.4 billion exploit Friday, marking the largest single heist in the history of crypto and blockchain.

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