tl;dr
A recent investigation into the Bybit hack suggests that the attackers exploited a vulnerability in Safe, the crypto wallet used by Bybit. Hackers, believed to be linked to North Korea’s Lazarus Group, stole $1.48 billion from Bybit’s Ethereum wallet. Bybit CEO Ben Zhou revealed that the exchange’s ...
A recent investigation into the Bybit hack suggests that the attackers exploited a vulnerability in Safe, the crypto wallet used by Bybit. Hackers, believed to be linked to North Korea’s Lazarus Group, stole $1.48 billion from Bybit’s Ethereum wallet.
Bybit CEO Ben Zhou revealed that the exchange’s ETH wallet was likely compromised through Safe by accessing its Amazon Web Services (AWS) bucket. Safe confirmed the findings and has restored Safe{Wallet} on Ethereum mainnet with enhanced security measures.
Bybit claims to have restored a 1:1 backing on all client assets after the hack, and a proof-of-reserves audit report by Hacken supports this claim, demonstrating that Bybit maintains sufficient reserves to cover its liabilities.
An investigation into the recent Bybit hack has determined that the attackers most likely took advantage of a vulnerability in Safe, the crypto wallet that Bybit was using. Late last week, hackers linked to North Korea’s Lazarus Group pulled off what is believed to be the biggest heist in history, stealing $1.48 billion from Bybit’s Ethereum (ETH) wallet.
Now, after an investigation by finance security firm Verichains and cybersecurity consultants Sygnia, Bybit CEO Ben Zhou reveals that Lazarus most likely compromised the exchange’s ETH wallet directly through Safe by accessing its Amazon Web Services (AWS) bucket.
In a statement, Safe also confirmed the on-chain investigators’ findings. Safe says it will release a more in-depth post-mortem report on the attack in the near future.
Just days after the hack, Zhou said the exchange had restored a 1:1 backing on all client assets after the record-setting hack. His claims were echoed in a proof-of-reserves audit report published by the blockchain security auditor Hacken on Sunday.