KOMPUTER JADUL-, North Korean hacker group Lazarus Group has been identified as the perpetrators behind a massive $1.46 billion hack, or around Rp23.9 trillion, that hit the Bybit crypto exchange.
Based on a report from the official cointelegraph.com account on social media X, this information was first announced by Arkham Intelligence, which previously offered a reward of 50,000 ARKM (around Rp514 million) for anyone who managed to reveal the hackers' identities.
The Largest Crypto Exchange Hack in History
The attack occurred on February 21, and resulted in the loss of staked Ethereum (ETH) and various ERC-20 tokens, with a total loss of US$1.46 billion (around Rp23.9 trillion). According to Blockcaid, a blockchain security platform, this incident was recorded as the largest crypto exchange hack in history.
The success in identifying the perpetrators of this crime cannot be separated from the very fast work of a well-known blockchain researcher, namely ZachXBT, who used on-chain data to track the flow of stolen funds. He then sent his findings to Arkham Intelligence, which eventually confirmed the Lazarus Group.
Crypto Community Supports Bybit
Following news of the exchange hack, many crypto figures and companies expressed their support for Bybit. Some of the figures include:
Justin Sun, the founder of the Tron blockchain, said that his team is helping track the stolen funds.
Crypto exchange OKEx also deployed its security team to support Bybit's research, as revealed by Chief Marketing Officer Haider Rafique.
Kucoin, one of the largest crypto exchanges, sent a message of solidarity on the X platform.
Stop the FUD
As news of the hack spread, several figures in the crypto community asked that the FUD not spread further. One of those who spoke out was Conor Grogan, a detective at Coinbase. He assured that this situation would not lead to a crisis like what happened to FTX.
Grogan also explained on his X page that Bybit was still able to process withdrawals smoothly after this hack. He stressed that the exchange currently has more than $20 billion (around Rp. 327 trillion) in assets on the platform, and their cold wallets are still safe.
"Given this hack and Bybit's very strong financial condition, I don't see a much greater risk," Grogan said.
He also added that there was a comparison with the case of FTX, which experienced a major bankruptcy in 2022:
"When the FTX crisis happened, it was clear within minutes that they didn't have enough funds to withdraw. I know a lot of people are still traumatized, but Bybit is not FTX. If they were in serious danger, I would have helped warn everyone. Bybit is fine," he said.
Highly Recommended Security Steps
Amidst this uncertainty, many crypto experts are reminding users to be more careful and increase the overall security of their assets.
‘Quit’, who is the vice president at Yuga Labs shared some security tips such as:
Using a multisignature (multisig) wallet to increase transaction protection.
Utilizing a hardware wallet to store assets more securely.
Running transaction simulations before sending large amounts of funds.
In addition, Kucoin also provides additional security advice for its users, including:
Enabling two-factor authentication (2FA) to add a layer of security.
Using strong and unique passwords on each platform.
Utilizing passkeys for additional account protection.
Which stocks are worth buying for your next trade?
With valuations skyrocketing in 2024, many investors are hesitant to invest more money in stocks. Confused about where to invest next? Get access to our proven portfolio and find out about high-potential opportunities.
In 2024 alone, ProPicks AI has identified 2 stocks that have surged over 150%, 4 more stocks that have risen over 30%, and 3 stocks that have risen over 25%. This track record is impressive.
With portfolios designed for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can consider a variety of strategies to build wealth.
No comments
Post a Comment