Ram of Crypto
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Lazarus Group total stolen amount is $3 billion.
This is the Lazarus Group.
A group of specially trained hackers committing various cyber frauds worldwide.
Their total stolen amount is $3 billion.
Yesterday, they stole $1.5 billion more from @Bybit_Official.
Here’s the full story of how they did it and why you CAN'T be safe too 👇
The Lazarus Group has been behind many major cyberattacks.
Worldwide, they are linked to thefts totaling around $3 billion.
It's believed that the stolen money helps fund North Korea's military and nuclear projects.
But let's go back to the beginning...
Lazarus, a hacking collective endorsed by North Korea, has executed cyber raids on banks, cryptocurrency exchanges, and DeFi platforms, amassing billions.
Recently, they've achieved the largest crypto theft ever recorded.
Let's delve into the details.
There was no code breach yesterday.
Private keys remained secure.
Transactions received approval from Bybit's own multisig custodians.
They believed it was just a standard transfer.
Without knowing it, they handed over their entire cold wallet to hackers...
But that raises a terrifying question:
How did #Lazarus know exactly whom to target?
A multisig wallet requires multiple signers. If even one refused to sign, the hack would fail. But they all signed.
This means Lazarus didn’t just hack Bybit... They knew whom to manipulate.
Gaining access to this type of data is limited to a few tactics:
• Insider leak:
An individual disclosed the list of signers.
• Manipulative tactics:
Lazarus analyzed their communication and habits.
• System breach:
Malware infiltrated one or more signer devices.
This suggests that other exchanges could face similar threats.
Yesterday, Lazarus stole nearly 0.5% of all #Ethereum
This means they now possess:
1. More than Fidelity.
2. More than Vitalik Buterin.
3. And even more than the Ethereum Foundation.
However, laundering that much $ETH undetected is no simple task...
Earlier cyber attacks by Lazarus involved:
➬ Cross-chain bridging
➬ On-chain mixers
➬ Over-the-counter trades through unauthorized dealers
Could they repeat these strategies?
Indeed, they did.
Detectives quickly found the 53 wallets holding the stolen ETH.
Any attempt to sell or trade these assets would immediately set off alerts.
However, Lazarus appears unconcerned about time.
In 2022, Chainalysis discovered that Lazarus was still holding onto $55 million from hacks dating back six years.
They play the long game, biding their time.
Victims never recover their funds. Not a single case.
Lazarus is not in the business of bargaining or refunding.
So, what's the fate of the users?
Ben Zhou, the CEO of Bybit, publicly addressed the issue:
➬ "We ensure a 1:1 backing for client funds."
➬ "Our liquidity is sufficient to handle all withdrawals."
➬ "The security of all other wallets is intact."
Up to now, there has been no mass withdrawal.
Such events have occurred before and are bound to happen again.
Want to protect yourself?
Here are some straightforward tips 👇
By the way, in the end I want to say this:
Those who watched the Bybit CEO's livestream yesterday immediately noticed the amazing composure and calm of a man who had just lost $1.5B.
A few hours later, Ben transferred $3B in one transaction, writing about it on Twitter at the same time.
He seems to have no nerves at all.
I've read many posts on the topic that described it as a master class. Industry leaders agree that Bybit demonstrated the best crisis response the crypto market has ever seen.
Bybit did not limit the withdrawal of funds, although many, including #CZ , suggested temporarily taking such a measure. Today, CZ writes that "Ben did a great job".
The largest hack in the history of crypto did not collapse the market.
I'm Bullish!
If you found this Article helpful, don't forget to:
➬ Follow me @Ram of Crypto for more.
➬ Like/Bookmark/Repost below if you can:
Thanks 🙏
A group of specially trained hackers committing various cyber frauds worldwide.
Their total stolen amount is $3 billion.
Yesterday, they stole $1.5 billion more from @Bybit_Official.
Here’s the full story of how they did it and why you CAN'T be safe too 👇
The Lazarus Group has been behind many major cyberattacks.
Worldwide, they are linked to thefts totaling around $3 billion.
It's believed that the stolen money helps fund North Korea's military and nuclear projects.
But let's go back to the beginning...
Lazarus, a hacking collective endorsed by North Korea, has executed cyber raids on banks, cryptocurrency exchanges, and DeFi platforms, amassing billions.
Recently, they've achieved the largest crypto theft ever recorded.
Let's delve into the details.
There was no code breach yesterday.
Private keys remained secure.
Transactions received approval from Bybit's own multisig custodians.
They believed it was just a standard transfer.
Without knowing it, they handed over their entire cold wallet to hackers...
But that raises a terrifying question:
How did #Lazarus know exactly whom to target?
A multisig wallet requires multiple signers. If even one refused to sign, the hack would fail. But they all signed.
This means Lazarus didn’t just hack Bybit... They knew whom to manipulate.
Gaining access to this type of data is limited to a few tactics:
• Insider leak:
An individual disclosed the list of signers.
• Manipulative tactics:
Lazarus analyzed their communication and habits.
• System breach:
Malware infiltrated one or more signer devices.
This suggests that other exchanges could face similar threats.
Yesterday, Lazarus stole nearly 0.5% of all #Ethereum
This means they now possess:
1. More than Fidelity.
2. More than Vitalik Buterin.
3. And even more than the Ethereum Foundation.
However, laundering that much $ETH undetected is no simple task...
Earlier cyber attacks by Lazarus involved:
➬ Cross-chain bridging
➬ On-chain mixers
➬ Over-the-counter trades through unauthorized dealers
Could they repeat these strategies?
Indeed, they did.
Detectives quickly found the 53 wallets holding the stolen ETH.
Any attempt to sell or trade these assets would immediately set off alerts.
However, Lazarus appears unconcerned about time.
In 2022, Chainalysis discovered that Lazarus was still holding onto $55 million from hacks dating back six years.
They play the long game, biding their time.
Victims never recover their funds. Not a single case.
Lazarus is not in the business of bargaining or refunding.
So, what's the fate of the users?
Ben Zhou, the CEO of Bybit, publicly addressed the issue:
➬ "We ensure a 1:1 backing for client funds."
➬ "Our liquidity is sufficient to handle all withdrawals."
➬ "The security of all other wallets is intact."
Up to now, there has been no mass withdrawal.
Such events have occurred before and are bound to happen again.
Want to protect yourself?
Here are some straightforward tips 👇
By the way, in the end I want to say this:
Those who watched the Bybit CEO's livestream yesterday immediately noticed the amazing composure and calm of a man who had just lost $1.5B.
A few hours later, Ben transferred $3B in one transaction, writing about it on Twitter at the same time.
He seems to have no nerves at all.
I've read many posts on the topic that described it as a master class. Industry leaders agree that Bybit demonstrated the best crisis response the crypto market has ever seen.
Bybit did not limit the withdrawal of funds, although many, including #CZ , suggested temporarily taking such a measure. Today, CZ writes that "Ben did a great job".
The largest hack in the history of crypto did not collapse the market.
I'm Bullish!
If you found this Article helpful, don't forget to:
➬ Follow me @Ram of Crypto for more.
➬ Like/Bookmark/Repost below if you can:
Thanks 🙏
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.