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Sujit Kumar
Feb 22, 2025

Bybit Hack: $1.4B in Ethereum Drained

Ethereum Drained
In a major incident, hackers have exploited Bybit, draining approximately $1.4 billion worth of Ethereum from the exchange. Analysts point to the infamous Lazarus Group from North Korea as the likely perpetrators. This exploit has stirred significant controversy across the crypto community.

Criticism from Industry Leaders

Adam Back, the Blockstream CEO and cypherpunk, took to X to denounce the vulnerability of Ethereum’s EVM. He described the technology as “complex, fragile, blind-signed, un-securable” and noted that hackers have been siphoning “$billions per year for years straight.” Meanwhile, Samson Mow, formerly Blockstream’s CSO and now JAN3 CEO, tagged Vitalik Buterin in a call to consider rolling back the Ethereum chain via a hard fork. Mow argued that such drastic measures might prevent North Korean hackers from selling the stolen ETH and using it for nefarious purposes.

Bybit’s Response and Ongoing Measures

In response to the breach, Bybit CEO Ben Zhou confirmed that the hackers have begun laundering the stolen Ethereum by converting it into Bitcoin through the Chainflip bridge. Zhou stressed that Bybit is actively working to block these transactions across chains and announced plans to launch a bounty program aimed at tracking and recovering the misappropriated funds. Additionally, major exchanges like Binance, Bitget, and MEXC have supported Bybit by extending liquidity loans, including roughly 114,500 ETH and 12,652 stETH.

Industry Impact and Future Outlook

The exploit, reportedly linked to the same group responsible for a $69 million hack at Phemex, has reignited concerns over security in Ethereum’s ecosystem. As the investigation continues, industry figures are calling for stricter safeguards to prevent future breaches.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Bybit Hack: $1.4B in Ethereum Drained
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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