Here’s everything we know about Bybit’s $1.4 billion ETH hack, its Lazarus links – BitRss

• Bybit lost $1.4 billion following a major ETH ($2,685.54) hack linked to the Lazarus group
• There are now calls for Vitalik Buterin to roll back the chain to help Bybit recover the funds

Bybit’s $1.4 billion Ethereum hack has been reportedly linked to the notorious Lazarus group. As expected, this triggered a withdrawal frenzy as investors exited the crypto exchange en masse.

In fact, according to Bybit’s founder and CEO Ben Zhou, the exchange saw record withdrawal requests, but they were all handled smoothly. 

“Since the hack, Bybit has experienced the most number of withdraws that we have ever seen, We have had a total number of more than 350k withdrawal requests.”

So, how was the exchange compromised, and can it retrieve the >$1 billion lost funds? 

All the details

According to the exchange, the compromise was a sophisticated attack that tricked signers into unknowingly giving control of its multi-signature (multi-sig) cold wallet.