Bybit Receives Support Amid Hack, ZachXBT Exposes Lazarus Group

Bybit suffered a loss of over $1.4 billion in Ethereum due to unauthorized activity on one of its cold wallets during a transfer. Bybit's CEO assured users that client funds are safe and operations are normal. To handle a surge in withdrawals, Bybit secured a $172.5 million loan from other exchanges, including $107 million in ETH from Bitget, $33.9 million in stETH from MEXC, and $31.6 million in ETH from Binance. This loan covers about 80% of the lost Ethereum and helps Bybit avoid large market purchases that could affect prices. Bybit manages $20 billion in assets and claims it can cover the loss even without recovering the stolen funds. Bybit processed over 350,000 withdrawal requests in 10 hours, completing almost all of them. Blockchain investigator ZachXBT linked the attack to the Lazarus Group, a North Korean hacking group known for previous attacks like the $620 million Ronin Network hack and the $41 million theft from Stake.com.