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It has been claimed that the North Korea-linked hacking group Lazarus has stolen approximately $1.4 billion worth of Ethereum 
$2,562 from the cryptocurrency exchange Bybit. Blockchain researcher ZachXBT tracked the attack and uncovered wallet activities connected to Lazarus. Arkham Intelligence confirmed these findings and offered a reward of 50,000 ARKM tokens to those who obtained relevant information. This incident has heightened concerns regarding the inadequacy of security measures in the cryptocurrency market.
Blockchain Data Traces the Attack
Blockchain analyses indicate that the attack was executed in a planned and coordinated manner. ZachXBT identified connections to the Lazarus Group by examining test transactions and transfer movements. Data shared with Bybit officials proved that the attackers gained access to cold wallets and rapidly distributed the funds.
Cybersecurity experts noted that the stolen 401,346 ETH was transferred to various wallets. During these transactions, some funds were staked on decentralized exchanges to erase traces. The Lazarus Group is known for using similar methods in attacks on Ronin Network, Harmony Horizon Bridge, and a Japanese exchange.
Market and Investor Confidence Shaken
The disclosure of the attack sharply decreased Ethereum’s RSI value. Cryptocurrency investors began to act cautiously due to security concerns surrounding centralized exchanges. The volatility in the market also had a direct impact on altcoin prices.
Bybit CEO Ben Zhou confirmed that the exchange’s financial status is strong and that customer assets are secured. However, the magnitude of the attack has prompted investors to increase the use of cold wallets. This development in the cryptocurrency market highlights the necessity for a reevaluation of security protocols.
