Cryptocurrency sector unites after Bybit hack

Following the recent security breach at Bybit, major cryptocurrency firms have joined forces to combat the attack and mitigate its impact. Bybit’s CEO, Ben Zhou, confirmed that both centralised and decentralised finance leaders, such as Orbiter and SynFutures, quickly moved to blacklist the attacker’s addresses. Chainalysis also tracked and published wallet addresses linked to the exploit.

Blockchain security companies, including SIS and Zero Shadows, intensified efforts to block malicious transactions and trace the perpetrators, while institutional traders such as TMSI and Cumberland provided support to stabilise the market. Several DeFi protocols, including Lido Finance and Solana Foundation, also extended their assistance.

Zhou praised the swift collaboration from industry players, calling it a testament to the cryptocurrency sector’s resilience. The exchange has since launched a recovery bounty programme, offering up to 10% of recovered funds. Bybit is working hard to enhance its security infrastructure following the breach.

Investigations have pointed to North Korea’s Lazarus Group as the likely culprit behind the attack, which exploited Bybit’s Ethereum multisig cold wallet. This group is also connected to other high-profile crypto hacks, including the 2022 DMM Bitcoin exchange breach.

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