- Onchain evidence connects Lazarus Group to both Bybit and Phemex exchange hacks.
- Bybit suffered a $1.4 billion theft, marking the largest cryptocurrency hack in history.
- The attackers targeted liquid-staked Ether and other ERC-20 tokens in the Bybit breach.
- Earlier Phemex hack in January resulted in $29 million losses.
- Multiple blockchain security firms, including Arkham Intelligence, confirmed the Lazarus Group connection.
North Korean state-sponsored Hacking group’s digital footprint has been detected in two major cryptocurrency exchange breaches, according to blockchain investigators. The revelation comes as cryptocurrency security experts analyze the unprecedented $1.4 billion theft from Bybit on February 21, 2024.
Renowned blockchain investigator ZachXBT has identified similarities in the attack patterns connecting the recent Bybit breach to January’s $29 million Phemex exchange hack. The analysis reveals consistent methodologies typical of Lazarus Group operations, known for their sophisticated cryptocurrency heists.
The Bybit incident specifically targeted liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and various ERC-20 tokens. Liquid staking allows users to stake their Ethereum while maintaining liquidity through tradeable derivative tokens, making these assets particularly attractive to attackers due to their high value and liquidity.
Arkham Intelligence, a blockchain analytics firm, corroborated these findings through independent investigation. The Lazarus Group has a documented history of targeting cryptocurrency platforms, with previous attacks including the $625 million Ronin Bridge hack in 2022 and the $100 million Harmony Bridge breach.
This latest series of attacks underscores the growing sophistication of state-sponsored cryptocurrency theft operations and highlights the critical importance of enhanced security measures in digital asset custody systems.
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