Former director Binance Changpeng Zhao warned traders that following bybit other cryptocurrency exchanges may also be hacked.
Hackers have used similar methods to steal digital assets when attacking trading platforms such as Bybit, Phemex and WazirX. They found loopholes in the user interface, apparently by analyzing the front-end code, and tricked the system. For example, in the case of bybit The attackers managed to hide the withdrawal of Ethereums under legitimate transactions.
Changpen placed the responsibility for Theft ETH worth $1,4 billion bybit on the North Korean hacker group Lazarus Group, which he believes has achieved high levels of skill in hacking multi-signature crypto storage.
Cryptocurrency exchanges actively use these types of crypto wallets, so the number of victims of criminals may increase. However, it is still unknown whether hackers managed to gain access to the devices. bybit, signing transactions, the server, or both. Accordingly, the exact vector of future attacks has not yet been determined.
Changpeng Zhao
Some people were skeptical about my suggestion to use withdrawal freezes as a standard precaution. I shared a practical approach based on my observations and experience, but it is not absolutely right or wrong.
My principle is to prioritize security. After any incident, pause everything, find out what happened, how hackers got into the systems, what equipment was compromised, triple check everything and only then resume services, — wrote Changpeng.