On Friday the Bybit cryptocurrency exchange suffered a hack in which a transaction for a cold wallet was intercepted, rerouting $1.4 billion in funds to hackers. Today Chainalysis, which is a Bybit partner, confirmed that the hack included a phishing attack. Plus, crypto custody tech firm Galaxy GK8 explored how it worked and how to prevent this sort of attack.
Crypto sleuth ZachXBT quickly named North Korea’s Lazarus Group as the culprit because funds were mixed with those from previous hacks. Chainalysis confirmed this today.
According to Chainalysis, the initial compromise was via social engineering. “The hackers gained access to Bybit’s user interface by executing phishing attacks against the cold wallet signers, leading them to sign malicious transactions that replaced the Safe’s multi-signature wallet implementation contract with a malicious one.”
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