Key Takeaways
- BTC and altcoins crash to key support zones following the Bybit hack incident.
- Bybit witnesses a bank run of withdrawals after the hacking incident, as CEO Ben Zhou insists that Bybit has enough capital to deal with demand.
- ZachXBT points to Lazarus Group as responsible for the Bybit hack, and Phemex also liked a similar incident.
WazirX, Radiant, and DMM Bitcoin are notable hacks in the crypto space, with millions of funds stolen. A recent hack on the Bybit exchange is a record with over $1.4B stolen in Ethereum (ETH), making lots of headlines in the crypto space.
According to a press statement on the official Bybit account, one of its cold wallets was compromised, leading to several transfers of stolen funds across several crypto wallets.
While this has resulted in thousands of withdrawals on the Bybit platform, Bybit CEO Ben Zhou, on his live stream and also via tweet, cleared the air and said that Bybit has enough funds in its account to deal with the withdrawals as users look for safe measures.
After several hours of panic and speculation, on-chain Sleuth ZachXBT has unlocked the hacking incident on the Bybit platform. He has confirmed that the Lazarus Group is behind the hack, referencing many more hacks that have been affected by this group.
ZachXBT Identifies Lazarus Group Behind Bybit Hack
Following the hack of $1.4B in ETH from Bybit, Arkham, on their X post, created a bounty to identify the person or organization behind the recent Bybit hack incident. Top on-chain Sleuth ZachXBT entered his submission.
ZachXBT’s submission contained several wallets, transactions, and forensic analysis of the exploit, with all details handed over to the Bybit team after careful analysis of this result. On his X post, ZachXBT attributed his research to partner Josh, linking the Lazarus Group to the hack organization also responsible for the Phemex hack.
Market Reaction To Bybit Hack
Source – State Of The Crypto Market
The crypto market was thrown into confusion as the price of altcoins crashed following the Bybit hack. The price of Bitcoin (BTC) crashed from a high of $99,500 to a region of $95,000, with the market looking weak following a minor price recovery after weeks of market downtrend.
Data from Coin360 shows the current state of the market, as the crypto market could take some time to recover from the current market crash. The price of BTC needs to be protected at its low of $92,000 to prevent the price from going lower and causing a cascading market crash of altcoins.
The market needs to recover from the current price dump to prevent a further price crash. A further price crash could lead to bears taking advantage of Bitcoin and altcoins.
