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In February 2025, the cryptocurrency trading platform Bybit experienced a massive hacking attack that shocked the industry, resulting in losses of up to hundreds of millions of dollars. This was not an ordinary cybercrime, but a meticulously planned and interconnected 'digital heist.' This article will deeply analyze the event's course, restoring the attack's context based on existing information, aiming to present both the technical details and the tension and complexity of this contest from a professional perspective.
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## Act One: Underlying Currents Beneath the Calm
Bybit, as a globally renowned cryptocurrency exchange, is known for its efficient trading system and multi-layered security mechanisms. However, beneath the calm surface, hackers have quietly laid their plans. According to preliminary analyses from security firms like Slow Mist Technology, this attack was not a spur-of-the-moment decision but rather the result of long-term infiltration and intelligence gathering.
The starting point of this story may trace back several months or even years. The hackers obtained key intelligence on Bybit's financial operations through some means - perhaps social engineering (like posing as customer service to phish for employee information), or perhaps through secret infiltration of internal systems - acquiring information about the multi-signature wallet's signing processes, the signers' behavioral habits, and even potential vulnerabilities in the core system. This information is like puzzle pieces lying quietly in the hands of the hackers, waiting to be assembled into a complete 'crime blueprint.'
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## Act Two: The Fatal Blow - The 'Disguise' of Safe's Front End
The climax of the attack occurred in mid-February, when the hacker officially struck, and their weapon turned out to be the multi-signature wallet management tool used by Bybit - Safe (formerly Gnosis Safe). Multi-signature wallets are designed to ensure the security of funds in the crypto industry, requiring multiple signatures to complete transactions, but this time, it became the hacker's breakthrough point.
According to the analysis, the hacker successfully tampered with the front-end interface of Safe. Imagine the scenario: Bybit's financial staff logs into Safe as usual, and the displayed address and URL appear to be completely normal. They enter transaction instructions and confirm the signatures, yet they remain unaware that the real data being transmitted has already been replaced by the hacker. After the signatures are completed, the funds do not flow to the expected account but are directly transferred to an address controlled by the hacker. It's like a magic show where the audience believes they are seeing the truth, yet they have already been deceived.
Questions arise: How did the hacker breach Safe's front end? Was there malicious code implanted in Bybit's internal system, or was the signer's device compromised by the hacker? Currently, information is limited, but it can be speculated that the hacker may have exploited a supply chain attack (such as man-in-the-middle hijacking) or directly targeted the signer's phishing attack, successfully completing this 'disguise'.
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## Act Three: Money Laundering - The Shadow of North Korean Hackers?
After the attack succeeded, the hacker quickly entered the money laundering phase. They dispersed the stolen cryptocurrency to multiple addresses, using mixing services (like Tornado Cash) to wash the funds, eventually funneling them into unknown accounts. This method is skillfully executed and strikingly similar to the behaviors of past North Korean hackers (such as the Lazarus group).
On platform X, users like @Metapi208 pointed out that the coordination and resource investment in this attack remind one of the $600 million hack of the Ronin Bridge in 2022, which was also attributed to North Korean hackers. However, @epr510 offered a different perspective: on-chain evidence shows that the operation connecting the new stolen funds with known North Korean hacker addresses might be a 'frame-up' intended to confuse. This reminds us that while North Korean hackers are popular suspects, the possibility of copycat offenders or other emerging groups also exists.
Regardless of who the mastermind is, their efficiency in laundering funds is astonishing. As of now, most of the funds have become difficult to trace, and the hope of recovery is slim. This not only deals a blow to Bybit but also sounds an alarm for the entire crypto industry.
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## Analysis and Reflection: Who Should Be Responsible for This Heist?
From a technical perspective, this attack exposed multiple security vulnerabilities. First, the tampering of Safe's front end indicates that even a multi-signature mechanism cannot completely defend against well-designed attacks. Second, there may be lapses in Bybit's internal security management - is it due to insufficient employee training, or is the system architecture overly reliant on a single tool? Finally, the security of the signer's device and their operating habits may also be fatal weaknesses. An infected computer or a careless click could become the hacker's stepping stone.
Beyond the narrative, this incident carries deeper implications. The rapid development of the crypto industry has brought great opportunities, but it has also made it a 'fat target' for hackers. From the Poly Network hack in 2021 to the Ronin Bridge in 2022, and now the Bybit incident, high returns and high-tech threshold hacker attacks have become the norm. Platforms not only need technical upgrades but also comprehensive protection from processes, personnel, and ecosystems.
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## Epilogue: The Ongoing Journey of Pursuing the Perpetrators
The Bybit hacking incident is a contest of technology and intelligence, as well as a major test of industry security. Currently, investigations are still ongoing, and the community and security experts are working hard to piece together more clues. Who exactly are the hackers? How did they break through multiple defenses? The answers to these questions may have to wait until the next on-chain tracing or internal disclosures.
For ordinary users, this incident serves as a reminder: security should always be the primary consideration when choosing a trading platform. For Bybit, this is not only a loss but also an opportunity for rebirth. Hopefully, future stories will no longer be about hackers' victories but rather the awakening of the industry.