{"id":10833,"date":"2025-03-06T10:17:15","date_gmt":"2025-03-06T10:17:15","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/how-the-crypto-exchange-bybit-lost-1-5-billion-to-north-korean-hackers\/"},"modified":"2025-03-06T10:17:15","modified_gmt":"2025-03-06T10:17:15","slug":"how-the-crypto-exchange-bybit-lost-1-5-billion-to-north-korean-hackers","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/how-the-crypto-exchange-bybit-lost-1-5-billion-to-north-korean-hackers\/","title":{"rendered":"How the Crypto Exchange Bybit Lost $1.5 Billion to North Korean Hackers"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">On the night of Feb. 21, Ben Zhou, the chief executive of the cryptocurrency exchange Bybit, logged on to his computer to approve what appeared to be a routine transaction. His company was moving a large amount of <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2017\/10\/01\/technology\/what-is-ethereum.html\" title=\"\">Ether<\/a>, a popular digital currency, from one account to another.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Thirty minutes later, Mr. Zhou got a <a class=\"css-yywogo\" href=\"https:\/\/x.com\/benbybit\/status\/1893308525448675423\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">call<\/a> from Bybit\u2019s chief financial officer. In a trembling voice, the executive told Mr. Zhou that their system had been hacked.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cAll of the Ethereum is gone,\u201d he said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">When Mr. Zhou approved the transaction, he had inadvertently handed control of an account to <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2022\/06\/30\/business\/north-korea-crypto-hack.html\" title=\"\">hackers backed by the North Korean government<\/a>, according to the <a class=\"css-yywogo\" href=\"https:\/\/www.ic3.gov\/PSA\/2025\/PSA250226\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">F.B.I.<\/a> They stole $1.5 billion in cryptocurrencies, the largest heist in the industry\u2019s history.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">To pull off the astonishing breach, the hackers exploited a simple flaw in Bybit\u2019s security: its reliance on a free software product. They penetrated Bybit by manipulating a publicly available system that the exchange used to safeguard hundreds of millions of dollars in customer deposits. For years, Bybit had relied on the storage software, developed by a technology provider called <a class=\"css-yywogo\" href=\"https:\/\/safe.global\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Safe<\/a>, even as other security firms sold more specialized tools for businesses.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The hack sent crypto markets into a free fall and undermined confidence in the industry at a crucial time. Under the <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/28\/technology\/crypto-sec-trump.html\" title=\"\">crypto-friendly Trump administration<\/a>, industry executives are lobbying for new U.S. laws and regulations that would make it easier for people to pour their savings into digital currencies. On Friday, the White House is <a class=\"css-yywogo\" href=\"https:\/\/x.com\/davidsacks47\/status\/1895660834799698008?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1895660834799698008%7Ctwgr%5Eaab13ed658fec8f25635a9bc13c8dd50af067f72%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptobriefing.com%2Fwhite-house-crypto-summit-2023%2F\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">scheduled<\/a> to host a \u201ccrypto summit\u201d with President Trump and top industry officials.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Crypto security experts said they were troubled by what the heist revealed about Bybit\u2019s safety protocols. The losses were \u201ccompletely preventable,\u201d one security firm <a class=\"css-yywogo\" href=\"https:\/\/cubist.dev\/blog\/understanding-and-preventing-the-bybit-hack\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">wrote<\/a> in an analysis of the breach, arguing that it \u201cshould not have happened.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Safe\u2019s storage tool is widely used in the crypto industry. But it is better suited to crypto hobbyists than exchanges handling billions in customer deposits, said Charles Guillemet, an executive at Ledger, a French crypto security firm that offers a storage system designed for companies.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis really needs to change,\u201d he said. \u201cIt\u2019s not an acceptable situation in 2025.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">At Bybit, the hack set off a frantic 48 hours. The company oversees as much as $20 billion in customer deposits but did not have enough Ether on hand to cover the losses from the $1.5 billion heist. Mr. Zhou, 38, raced to keep the business afloat by borrowing from other firms and drawing on corporate reserves to meet a surge of withdrawal requests. On social media, he seemed surprisingly relaxed, announcing a few hours after the theft that his stress levels were <a class=\"css-yywogo\" href=\"https:\/\/x.com\/benbybit\/status\/1893141031342035411\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">\u201cnot too bad.\u201d<\/a><\/p>\n<p class=\"css-at9mc1 evys1bk0\">As the crisis unfolded, the price of Bitcoin, a bellwether for the industry, plunged 20 percent. It was the <a class=\"css-yywogo\" href=\"https:\/\/www.reuters.com\/technology\/bitcoin-slides-more-than-5-lowest-level-since-november-11-2025-02-28\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">steepest<\/a> drop since the 2022 failure of FTX, the exchange run by the disgraced mogul Sam Bankman-Fried.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In an interview this week, Mr. Zhou acknowledged that Bybit had advance warning about possible problems with Safe. Three or four months before the hack, he said, the company noticed the software was not fully compatible with one of its other security services.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe should have upgraded and moved away from Safe,\u201d Mr. Zhou said. \u201cWe\u2019re definitely looking to do that now.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Rahul Rumalla, Safe\u2019s chief product officer, said in a statement that his team had created new security features to protect users and that Safe\u2019s products were \u201cthe treasury backbone for some of the largest organizations in the space.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cOur job is not just to fix what happened,\u201d Mr. Rumalla said, \u201cbut to ensure the entire space learns from it, so this doesn\u2019t happen again.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Founded in 2018, Bybit operates as a crypto marketplace, where day traders and professional investors can convert their dollars or euros into Bitcoin and Ether. Many investors treat exchanges like Bybit as informal banks, where they deposit crypto holdings for safekeeping.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">By some estimates, Bybit is the world\u2019s <a class=\"css-yywogo\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-25\/bybit-is-now-the-world-s-second-largest-crypto-exchange?sref=zVYYYI5e\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">second-largest crypto exchange<\/a>, processing tens of billions of dollars every day. Based in Dubai, it does not offer services to customers in the United States.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">On Feb. 21, Mr. Zhou was at home in Singapore, finishing up some work, he said in the interview.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But first, he and two other executives needed to sign off on a transfer of cryptocurrencies from one account to another. These routine transfers are supposed to be secure: No single person at Bybit can execute them, creating multiple layers of protection from thieves.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Behind the scenes, however, a group of hackers had already broken into Safe\u2019s system, according to Bybit\u2019s <a class=\"css-yywogo\" href=\"https:\/\/x.com\/benbybit\/status\/1894768736084885929\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">audit of the hack<\/a>. They had compromised a computer belonging to a Safe developer, a person with knowledge of the matter said, enabling them to plant malicious code to manipulate transactions.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A link sent via Safe invited Mr. Zhou to approve the transfer. It was a ruse. When he signed off, the hackers seized control of the account and stole $1.5 billion in crypto.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The sudden outflows showed up on the <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/interactive\/2022\/03\/18\/technology\/cryptocurrency-crypto-guide.html\" title=\"\">blockchain<\/a>, a public ledger of crypto transactions. Crypto analysts <a class=\"css-yywogo\" href=\"https:\/\/x.com\/arkham\/status\/1893033424224411885\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">quickly identified<\/a> the culprit as the Lazarus Group, a hacking syndicate backed by the North Korean government.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">That night, Mr. Zhou went to Bybit\u2019s Singapore office to manage the crisis. He announced the hack on social media and started a crisis protocol known at the company as P-1, pressing a button to wake up every member of the leadership team<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Around 1 a.m., Mr. Zhou <a class=\"css-yywogo\" href=\"https:\/\/x.com\/Bybit_Official\/status\/1892986507113439328\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">appeared<\/a> on a livestream on X, swigging a Red Bull. He promised customers that Bybit was still solvent.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cEven if this hack loss is not recovered, all of clients assets are 1 to 1 backed,\u201d he <a class=\"css-yywogo\" href=\"https:\/\/x.com\/benbybit\/status\/1892969284587966869\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> in a post. \u201cWe can cover the loss.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Those assurances were not enough. Within hours, Mr. Zhou said, about half the digital currencies deposited on the platform, or close to $10 billion, had been withdrawn. The crypto market plunged.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">To limit the damage, other crypto companies offered to help. Gracy Chen, the chief executive of a rival exchange, Bitget, lent Bybit 40,000 in Ether, or roughly $100 million, without requesting any interest or even collateral.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe never questioned their ability to pay us back,\u201d Ms. Chen said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Between crisis meetings, Mr. Zhou provided a running commentary on X. He shared <a class=\"css-yywogo\" href=\"https:\/\/x.com\/benbybit\/status\/1893141031342035411\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">screenshots<\/a> from a health app, showing his stress levels were surprisingly normal.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cToo focused commanding all the meetings. Forgot to stress,\u201d he wrote. \u201cI think it will come soon when i start to really grasp the concept of losing $1.5B.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">After looting Bybit, the North Korean hackers spread the stolen funds across a vast web of online crypto wallets, a money-laundering strategy that they had also employed after other heists.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cLazarus Group is on another level,\u201d Haseeb Qureshi, a venture investor, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/hosseeb\/status\/1894769440669204780\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">wrote<\/a> on X after the theft.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Security experts blamed Bybit for putting itself at risk. To authorize the routine transfer that led to the hack, Mr. Zhou said, he used a hardware tool designed by Ledger, the crypto security firm. The device was not in sync with Safe, he said. So he could not use the tool to check the full details of the transaction he was approving, always a risky practice in the crypto world.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cSafe just does not give you the kinds of controls that you would want if you\u2019re going to be frequently making operational transfers,\u201d said Riad Wahby, a computer engineering professor at Carnegie Mellon University and a co-founder of the digital security firm Cubist. <\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Zhou said he wished he had taken action sooner to bolster Bybit\u2019s defenses. \u201cThere\u2019s a lot of regrets now,\u201d he said. \u201cI should have paid more attention on this area.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Still, Bybit continued operating after the hack, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/benbybit\/status\/1893131588415955409\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">processing<\/a> all the withdrawals within 12 hours, Mr. Zhou said. Not long after the breach, he <a class=\"css-yywogo\" href=\"https:\/\/x.com\/benbybit\/status\/1893116807487332503\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">announced<\/a> on X that the company was moving around another $3 billion in crypto.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis is planned manoeuvre, FYI,\u201d he wrote. \u201cWe are not hacked this time.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/03\/06\/technology\/bybit-crypto-hack-north-korea.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the night of Feb. 21, Ben Zhou, the chief executive of the cryptocurrency exchange Bybit, logged on to his<\/p>\n","protected":false},"author":1,"featured_media":10834,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[735,3669,3667,433,123,2118,3668,219,1252,1019,118,176],"class_list":["post-10833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-banking-and-financial-institutions","tag-ben-zhou","tag-bybit-fintech-ltd","tag-computer-security","tag-computers-and-the-internet","tag-cyberattacks-and-hackers","tag-lazarus-group","tag-regulation-and-deregulation-of-industry","tag-robberies-and-thefts","tag-singapore","tag-social-media","tag-virtual-currency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the Crypto Exchange Bybit Lost $1.5 Billion to North Korean Hackers - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, 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