Blockchain analytics company Arkham Intelligence, with insights from on-chain investigator ZachXBT, has attributed the $1.46 billion hack of Bybit to North Korea's Lazarus Group. Arkham, which had previously placed a 50,000 ARKM token bounty for identifying the culprits behind the massive hack, later received what it called "definitive proof" from ZachXBT.

His analysis detailed the weeks-long transactions and wallet activity leading up to the incident, demonstrating a sophisticated and deliberate operation.

The incident has been dubbed the largest cryptocurrency theft in history, eclipsing the $611 million Poly Network breach from 2021, according to Tom Robinson of blockchain analysis firm Elliptic.

Blockchain data specialist Nansen revealed that the breach entailed an initial withdrawal of nearly $1.5 billion into a principal wallet, which was then partitioned across over 40 other wallets. The cybercriminals executed conversions from stETH, cmETH, and mETH to ETH, subsequently dispersing $27 million remnants incrementally into over ten additional wallets.

This operation exploited "Blind Signing," a mechanism whereby smart contract transactions are endorsed without comprehensive content awareness. Ido Ben Natan, CEO of blockchain security company Blockaid, underscored the growing prevalence of this attack vector.

He highlighted vulnerabilities in current signing processes, stating: "Even with optimal key management, much of the signing process remains delegated to software interactions with decentralized apps, creating an exploitable vulnerability."

Bybit's CEO, Ben Zhou, confirmed on social media that the breach involved unauthorized access to a specific Ethereum cold wallet, with all ETH transferred to an unknown address. Zhou alleviated concerns about the platform's financial stability, asserting the exchange remains solvent despite the losses.

Oliver Knight contributed to the coverage of this evolving story. For further insights, read about the broader impact: [Bitcoin, Ether Slump as Crypto Prices Dip Following Bybit Hack News].

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.