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What Happened > Market Impact > North Korean Link
➤ Bybit Security Incident 🚨
@Bybit_Official has confirmed a security breach involving one of its ETH cold wallets.
Here’s what happened, Bybit’s response and the possible North Korean hacker connection 👇
➤ What Happened ?
Bybit detected unauthorized activity when its ETH multisig cold wallet executed a transfer to its warm wallet.
🔹 The transaction was manipulated via a sophisticated attack
🔹 The attacker masked the signing interface > displaying the correct address while altering the underlying smart contract logic
🔹 As a result >they gained control of the ETH cold wallet and transferred funds to an unidentified address
Total Amount ~ 1.5 Billion
➤ Bybit’s Response 🔍
Bybit security team > alongside leading blockchain forensic experts is actively investigating
- They are inviting blockchain analytics teams to help trace and recover stolen assets
- All other cold wallets remain secure
- Client funds are 100% safe & all operations continue without disruption
📢 Most importantly :
@Bybit_Official is solvent and has confirmed that even if this loss is not recovered > all client assets remain 1:1 backed, and the exchange can fully cover the loss.
➤ North Korean 🇰🇵 Link in the Bybit Hack ?
DeFiLlama founder @0xngmi pointed out that the attack on Bybit closely resembles the WazirX hack.
- 🔍 That incident was linked to North Korean hackers, raising concerns that the same group may be behind both attacks.
- North Korean-linked hackers have previously targeted major crypto platforms, including:
- Ronin Network (Axie Infinity) - $625M stolen
- Horizon Bridge (Harmony) - $100M stolen
- Atomic Wallet - $100M stolen
Bybit has not officially confirmed this link but is actively working with forensic teams to investigate.
➤ Market Reaction
-After the announcement > minor withdrawals occurred as users reacted to the news
-However > Bybit’s quick transparency & solvency assurance helped restore confidence
-So far no major impact on BTC or ETH price movements
➤ Why This Matters
If this breach had been more severe, we would have seen :
- Large on-chain outflows from Bybit wallets
- BTC & altcoin prices dropping due to panic
- Mass withdrawals & FUD spreading across the market
However > Bybit contained the damage, ensured solvency and prevented a market-wide crisis.
➤ Lessons for Traders & Exchanges
✅ Always verify transactions carefully before signing
✅ Use multi-layer security & real-time monitoring
✅ Follow on-chain data to detect anomalies early
✅ Stay informed—FUD spreads fast > but facts matter
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