Lazarus Group Steals Ethereum Worth $1.46 Billion
ZachXBT, a pseudonymous blockchain security expert, identifies the Lazarus Group, a notorious group of North Korean hackers, as the mastermind behind the $1.46 billion Bybit attack. A catastrophic attack on Bybit yesterday caused $1.46 billion worth of cryptocurrency to be lost from one of the exchange’s cold wallets.
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Western intelligence agencies have collectively tagged the North Korean state-sponsored cryptocurrency hackers the Lazarus Group, among the most sophisticated on-chain operators in the world.
According to Chainalysis, they stole over $1.3 billion from different projects last year, accounting for 61% of all illicit cryptocurrency taken in 2024.
Lido Staked ETH (stETH), Mantle Staked ETH (mETH), and other ERC-20 tokens were among the tokens taken in the incident.
The attackers moved the $1.46 billion ERC-20 tokens from Bybit’s cold wallets to a hot wallet, according to Ben Zhou, the CEO and co-founder of Bybit.
On-chain data that connected activities to earlier attacks associated with Lazarus—a group linked to several other industry breaches and exploits—was used to establish the connection to Lazarus.
ZachXBT has assisted in solving numerous other crypto breaches in recent years and established the connection.
“His submission included a detailed analysis of test transactions and connected wallets used ahead of the exploit, as well as multiple forensics graphs and timing analyses,” Arkham wrote on X.
Arkham had issued a bounty, giving roughly $30,000 worth of ARKM tokens in exchange for identifying the culprit of the $1.4 billion attack that rocked Bybit early Friday and thereafter rocked the crypto market
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