#OnChainInsights Lessons from the Bybit Hack

The cryptocurrency universe offers unprecedented financial opportunities, but it is also fraught with significant risks. The recent hack of the Bybit exchange platform, where approximately $1.5 Billion worth of Ethereum was stolen, underscores the imperative for investors and users to practice thorough due diligence before getting involved in any crypto project.

Why Not Trust New Projects?

The excitement of quick profits can lead investors to back newly launched projects without proper research. This lack of diligence can result in devastating losses due to scams, poorly managed projects, or security vulnerabilities. The Bybit case exemplifies how even established platforms can be vulnerable to sophisticated attacks, highlighting the importance of thoroughly evaluating any project before investing.

The Role of On-Chain Investigation: The Case of ZachXBT

On-chain investigation involves analyzing data directly on the blockchain to track suspicious transactions and activities. In the Bybit incident, the researcher known as ZachXBT employed on-chain analysis techniques to identify the Lazarus Group, a hacking organization linked to North Korea, as the perpetrators of the attack. ZachXBT traced transactions from the compromised Bybit wallet to addresses previously associated with malicious activities by the Lazarus Group, providing compelling evidence of their involvement. In recognition of his work, Arkham Intelligence rewarded ZachXBT 50,000 ARKM tokens for his detailed report.#OnChainInsights

#OnChainInsights is a platform that offers blockchain data analysis and visualization. Provides tools to understand the behavior of cryptocurrencies and digital assets, allowing users to explore trends#OnchaninInsights #VIRTUALWhale $ARKM