Even as Trump embraces crypto, attracting millions of new investors, the Bybit hack and memecoins show how crypto remains the wild West of the financial world
Hours after Coinbase said the S.E.C. was dropping a lawsuit against it, another major cryptocurrency exchange reported a potentially record-setting theft.
New York Times David Yaffe-Bellany
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Discussion
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@xantori-crypto
@xantori-crypto
on bluesky
Trump tainted crypto, especially Bitcoin.
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@bybit_official
@bybit_official
on x
Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing int…
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@chainlinkgod
Zach Rynes
on x
The $1.5B $ETH Bybit hack has really exposed the intellectual void that exists in the Bitcoin maxi community Pretending there's contentious debate about doing a hard fork / rollback, posting fake news about Vitalik putting it up for a vote, acting as if it was a smart contract [i…
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@iamdcinvestor
@iamdcinvestor
on x
Bybit gets hacked Ethereum community: “man, that sucks. custodians need to make sure they have proper procedures in place to avoid sophisticated attacks” Bitcoin Maxis and Solana devs: “HAVE YOU GUYS CONSIDERED JUST ROLLING BACK THE CHAIN? NO SERIOUSLY, I THINK YOU SHOULD”
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@muz_muzzles
MUZ
on x
We want normies to invest in crypto. But the last month has been a terrible advert. Scams, hacks, and thefts. Normies are reading this by NYT 👇 There's one shining light, only one token that can save us $UFD I'm not joking 🦄💨✨️ #GoodAttractsGOOD https://www.nytimes.com/...
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@edwardlriche
Edward L. Riche
on x
Limitless suckers https://www.nytimes.com/...
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@gerritd
Gerrit De Vynck
on bluesky
Imagine if a bank lost $1.5 billion in client money in a hack. Imagine if a casino lost that amount! www.coindesk.com/business/202...
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@cz_binance
@cz_binance
on x
Some thoughts on the recent hack(s). There is a pattern where hackers were able to steal large amounts of crypto from multi-sig “cold storage” solutions, as with ByBit, Phemex, WazirX and potentially others. In the most recent ByBit case, the hackers were able to make the
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@benbybit
Ben Zhou
on x
Since the hack (10 hrs ago) , Bybit has experienced the most number of withdraws that we have ever seen, We have had a total number of more than 350k withdraws requests, so far, around 2100 withdraw requests left to be processed. Overall 99. 994% withdraws have been completed. …
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@paoloardoino
Paolo Ardoino
on x
We just froze 181k USDt connected to the ByBit hack. Might not be much but it's honest work. We keep monitoring. Kudos to @zachxbt
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@coindesk
@coindesk
on x
Bybit experienced a major bank run after the $1.4 billion heist, with “about 50%” of users' funds being withdrawn, according to CEO @benbybit. However, it survived it despite a major liquidity crunch @FranciscoMemor reports https://www.coindesk.com/...
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@benbybit
Ben Zhou
on x
Bybit is overwhelmed by all the support that we got from partners and industry friends during last night critical time. Here I want to say thanks to all the friends, partners who offered or helped us in any way or form. I am truly grateful. We will need a lot more help down the
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@benbybit
Ben Zhou
on x
I do agree with CZ that if this hack was conducted through penetrating our internal systems such as any part of the withdraw system or one of our hot wallet was breached, we would've halted all withdraws until we find the root cause of the problem. In the case of yesterday, it
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@simplykashif
Kashif Raza
on x
If a bank were to be hacked for $1.4 billion: - Freeze withdrawals - Inform government - Set up an inquiry commission - years of investigation - Customers standing in queue - Branches closed - Competitors getting an advantage Bybit exchange hacked $1.4 billion. - CEO came live
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@0xnoncesense
Nonzee
on x
5/ Crypto industry unites to aid ByBit - Binance and Bitget deposited over 50,000 ETH into Bybit's cold wallets. - A whale transferred 20,000 ETH to Bybit's cold wallet. - DWF Labs has not requested any withdrawal from Bybit and is willing to provide #ETH if required. - The MEXC …
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r/Buttcoin
r
on reddit
Bybit sees over $4 Billion ‘bank run’ following $1.5B heist, because funds are safu
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r/CryptoCurrency
r
on reddit
Bybit Sees Over $4 Billion ‘Bank Run’ After Crypto's Biggest Hack
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@arkham
@arkham
on x
BREAKING: BYBIT $1 BILLION HACK BOUNTY SOLVED BY ZACHXBT At 19:09 UTC today, @zachxbt submitted definitive proof that this attack on Bybit was performed by the LAZARUS GROUP. His submission included a detailed analysis of test transactions and connected wallets used ahead of [ima…
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@zachxbt
@zachxbt
on x
@arkham TLDR myself and Josh from CF connected the Bybit hack on-chain to the Phemex hack
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@zachxbt
@zachxbt
on x
@pikachu_crypto @arkham Partial recovery is more common (15-30% in a good scenario?) but it'll also be a bit harder to launder $1.46B I think depending on how patient they are. For recent hacks Lazarus has mainly just been spamming funds to Chinese exchanges on different chains w…
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@zerohedge
@zerohedge
on x
The Korean have a decade to sell. Bybit has days to replenish
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@ercwl
Eric Wall
on x
If you want to understand what happens to funds after they're stolen by North Korea/Lazarus Group, the Chainalysis 2022 report is great Step 1: Swap any ERC20s (like stETH) into ETH Step 2: Swap any ETH into BTC Step 3: Cash out BTC to cash (Chinese Renminbi) using Asian [image]
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@zachxbt
@zachxbt
on x
@TheDeFISaint ... Nah doesn't help as much to know who it is when it's a nation state threat actor
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@thedefisaint
Saint
on x
@zachxbt ... If this is successful, ZachXBT deserves more than this tbh. 50k Arkham is poor for such an incident like this.
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r/CryptoCurrency
r
on reddit
North Korea's Lazarus Group responsible for Bybit hack resulting in losses of over $1.5 billion: Arkham