Original author: Tian Daxia
Original source: Tian Daxias Web3 world
February 21, 2025, an ordinary night, was like a bombshell to the global encryption industry, tearing apart the peaceful surface of encryption.
At 11:20 p.m. Beijing time on the 21st, the cryptocurrency detective ZachXBT posted a message saying that it had monitored a large outflow of funds from the cryptocurrency exchange Bybit, with a total amount of up to US$1.46 billion.
Some people began to doubt whether this was just a normal wallet sorting operation, while others felt in their hearts that a crisis was quietly approaching.
Bybit was hacked and funds worth $1.44 billion were stolen, Bybit co-founder Ben Zhou confirmed.
Faced with such a large amount of money, people realized that this was not only the largest hacker attack in the history of Web3 blockchain so far, but also an industry crisis.
The fissures and solidarity of the crypto community
In order to understand the significance of this hack, we need to recall the impact of the “FTX crash” incident a few years ago on the industry.
As one of the top two giants in the crypto industry, FTX’s collapse directly caused the crypto market to fall into severe shocks.
FTXs misappropriation of user assets not only dealt a huge blow to the trust of the entire industry, but also caused the crypto field to experience a low point that lasted for several months.
At that time, BTC fell below $17,000, and the crypto market accelerated its bearish trend, making the future of the industry full of uncertainty.
But unlike the FTX incident, the hacker attack that Bybit encountered this time did not come from betrayal within the industry, but from a malicious intrusion by an external hacker group.
Behind this hacking incident, there is not only an impact on the security of digital assets, but also a change in the world.
——In a decentralized crypto world, how can we put aside past disputes, unite and meet challenges when facing a common enemy.
In martial arts novels, the world is always filled with battles between heroes and evil forces, and hackers are precisely those evil forces hiding in the shadows.
They often hide in the dark, but can create disasters in an instant.
In this incident, Bybits cold wallet was attacked, and the hackers behind it are undoubtedly the epitome of evil. The knights standing in this crisis are exactly every participant in the crypto industry.
So far, Bybit has also completed an unprecedented crisis public relations response. In addition to its own response, they have also received support from all forces in the industry.
In this decentralized world, only unity can resist external evil forces.
After the incident, Binances He Yi and others posted articles expressing their concern and willingness to provide assistance.
Justin Sun, founder of TRON and global advisor of Huobi HTX, expressed his concern immediately: We are paying close attention to the Bybit security incident and will do our best to assist partners in tracking relevant funds and provide all possible support.
North Korean hacker group, the biggest enemy of the crypto industry
On-chain detective ZachXBT submitted conclusive evidence at 3:09 a.m. Beijing time, confirming that the attack on Bybit was carried out by the North Korean hacker group Lazarus Group .
ZachXBT’s analysis report includes details such as test transactions prior to the attack, analysis of associated wallets, multiple forensic charts, and timeline analysis.
Currently, Bybit hacker’s ETH holdings exceed those of Fidelity and Vitalik, making him the 14th largest holder in the world.
The Lazarus Group is a hacker group consisting of an unknown number of individuals, allegedly controlled by the North Korean government.
While little is known about the group, researchers have attributed several cyberattacks to them since 2010.
Unlike the insider attack at FTX, this time, the hackers goal was clear and the means were efficient. The entire attack was like a gust of wind in the dark, swift and deadly.
After the hacking incident broke out, Ben Zhou wrote on the social platform: We will keep you updated on the latest developments of the incident. If any team can help us track the stolen funds, it will be greatly appreciated.
It is at this moment that we see the crypto industry unite like never before.
This morning, Bitget provided a loan of 40,000 ETH (approximately US$105.9 million) to Bybit to tide over the withdrawal surge after the ETH theft. These ETH were directly transferred from Bitget to the Bybit cold wallet address.
MEXC transferred 12,600 stETH to the Bybit hot wallet, worth approximately US$33.75 million.
ABCDE co-founder Du Jun posted on the X platform, “I will also deposit 10,000 ETH to Bybit today, and will not withdraw it within a month.”
This scene is quite similar to the plot in traditional martial arts novels where the hero seeks help in distress.
In times of crisis, the heroes in the world will put aside their grudges and unite to fight against evil.
This time, it was the heroes of the crypto industry who stood up with great courage and wisdom to fight against the dark forces in the cyber world.
Bybit is not fighting alone in this crisis. Supporters from the same industry have joined the battle to help track the stolen funds and prevent hackers from continuing to destroy the industry.
When the entire crypto industry faces external risks and challenges, it can rely on the collaboration and resource integration of important participants in the industry to form a solid moat.
This moat is not only a technical line of defense, but also a consensus and cooperation mechanism within the industry.
Under the protection of this moat, hacker attacks, cyclical fluctuations, and external political and technological wars can all be effectively resisted.
Of course, there are also people who are fighting among themselves and are more sarcastic about who the real friends are.
Security expert Yu Xian said something very right: stop wasting time on internal conflicts and don’t forget who our common enemy is.
Just as the traditional martial arts world teaches us: Only through unity can we resist external enemies; only through trust can we find light in darkness.
This Bybit incident may just be the beginning. With the popularization and development of blockchain technology, security threats will become more and more complex and more difficult to predict.
But as long as each of us can be like these knights today when facing a crisis.
Put aside your prejudices, the future of Web3 is still bright.
Fuck those hackers!
