ByBit hacked for 1.4Bln. Funds are Safu?

[JollyGood]

I recall it was not long ago I was reading numerous complaints about ByBit. The manner in which they seized funds and suspended accounts under the weakest of excuses (including either receiving coinjoin deposits or funds from various exchanges including eXch) was considered excessive and it alienated people.

Are victims of ByBit feeling any sympathy towards the exchange or could they be feeling a sense of justice? According to several examples online, many people were forced to provide KYC and details of source of funds in order to withdraw funds that were unfairly frozen.

[IceLincoln]

Bybit and it’s partners have shown their commitment in fighting scams and protecting user assets. This collaborated effort has yielded exponential results showing that the crypto community will not tolerate such malicious activities.


They’ve also been able to recover a large part of their ETH holdings. They’re keeping to their word, every user stolen assets will be restored.


These people can’t be serious I don’t believe they’ll announce this right at this moment, the guts!.
I’ll be watching out for more updates on this story

[Kavelj22]

Bybit and it’s partners have shown their commitment in fighting scams and protecting user assets. This collaborated effort has yielded exponential results showing that the crypto community will not tolerate such malicious activities.

Bybit has managed to convince lenders of the importance and necessity of helping it overcome its ordeal because if the situation worsens further, it will harm the reputation of the entire sector. The bybit platform has succeeded in recovering more than a billion dollars to its wallet in the form of loans that other platforms have enabled it to obtain, including trading platforms such as Binance. All research confirms the source of the attack and the failure of the protection system, and therefore all players in the market must stand against these ordeals. I expect the scene to seem strange that bybit takes loans from its competitors, but it is clear that everyone understands the seriousness of this market and the necessity of dealing with it wisely.

[OmegaStarScream]

So the hack's foresnics report is out, and it looks like the problem is coming from app.safe.global (multi sig wallet) side and not Bybit's. The attackers specifically targeted Bybit's cold address: https://x.com/benbybit/status/1894768736084885929

[passwordnow]

These people can’t be serious I don’t believe they’ll announce this right at this moment, the guts!.

I won't believe on that, it's probably a meme that has just been made because of the situation. And, I believe I've seen the news that the Lazarus group was able to sell a huge part of their embezzled funds from the Bybit hack. This might be the reason why the market has dropped a lot lately during this period of the hotness of the incident.

I’ll be watching out for more updates on this story

We're all watching out for it and I hope that the person who's responsible for it will be put behind bars.

[JollyGood]

If the reported information is indeed factual and the hack was targeted at a specific wallet, it remains to be ascertained how (or where from) the hackers obtained the address that was hacked. The report when completed will detail whether there was any element of an inside job either in totality or collaboration with a third party. I am leaning towards it possibly being an inside job.

So the hack's foresnics report is out, and it looks like the problem is coming from app.safe.global (multi sig wallet) side and not Bybit's. The attackers specifically targeted Bybit's cold address: https://x.com/benbybit/status/1894768736084885929

[Dailyscript]

Bybit and it’s partners have shown their commitment in fighting scams and protecting user assets. This collaborated effort has yielded exponential results showing that the crypto community will not tolerate such malicious activities.


They’ve also been able to recover a large part of their ETH holdings. They’re keeping to their word, every user stolen assets will be restored.


These people can’t be serious I don’t believe they’ll announce this right at this moment, the guts!.
I’ll be watching out for more updates on this story

I am becoming fed up with the lots of news regarding the Bitcoin reserve now we are sing news of ETH reserve in Korea. I dont believe this information because it does not sound true. US is still struggling for the bill passed. Same thing with many nations who made announcement. Bitcoin is yet to be reserved in these nations and you think ETH reserve would happen before Bitcoin reserve.

Wake up and dont believe every meme spread on the internet. Good thing you shared here though because the truth will be told for those who believe in the story to be clearer.

[Cossyblack]

Bybit hackers move over half the stolen ETH onto Bitcoin, largely using ThorChain
MetaMask Head of Security Taylor Monahan said the Bybit hackers have moved at least 209,384 ETH (~$480 million) onto Bitcoin, in a message to The Block. That represents more than half of the approximately 400,000 ETH taken from the exchange — not including the other drained tokens.

At least $240 million of this amount was laundered using THORchain, according to Arkham Intelligence, which is tracking digital wallets linked to the hacker group. The stolen crypto has "mainly been swapped for native BTC," Arkham said in a post on X.


"TraderTraitor actors are proceeding rapidly and have converted some of the stolen assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains," the FBI said in its announcement. "It is expected these assets will be further laundered and eventually converted to fiat currency."
X

[fillippone]

Sorry for delay, I now have some time to get back to this thread.

Ben Zhou on X shared the best forensic about the hack.

The results are scary: they target the industry standard tool to manage the wallets: SafeWallet




Here the direct link:

[NeuroticFish]

I think the best explanation of what happened can be found here.

I am not sure it's the entire story (they may or may not have left out few details), however, it will do for my needs. I don't know how I'm missed it, thanks for the link.

and as far as I can see, no Ledger device was involved.

That's what I've found on X: that one of the reasons was that the tx is very hard to read on a Ledger screen (and I guessed Nano S plus).
But yeah, social media is so full of made up stories only to gain visualizations, one cannot really trust it.

[TryNinja]

This is pretty simple to read, and as far as I can see, no Ledger device was involved.
They speak about computers, not Ledgers, and I don't see why they would do these procedures via a Ledger to start with.
I hate Ledger with all my heart, but this time, there is no reason to bash them (soon, another reason will emerge!)

Ledger was involved, but it wasn’t their fault.

Bybit confirmed the tx on their Ledger device, but since it involved ETH and complex smart contracts, it looked like rubbish on the device screen and they didn’t check it.

If no HW had been used, Lazarus would have just taken everything since they had control to the UI of the wallet.

Here is ByBit’s CEO confirming it: https://x.com/bitcoinnewscom/status/1893012696049566024?s=46

[fillippone]

That's what I've found on X: that one of the reasons was that the tx is very hard to read on a Ledger screen (and I guessed Nano S plus).
But yeah, social media is so full of made up stories only to gain visualizations, one cannot really trust it.

I would be very very surprised if any ledger device would be involved in the cold storage management. An an hardware wallet, a signing device, has a very different usage than a corporate liquidity management tool.
It can be used on a singular person basis, not for a corporate entity.

[TryNinja]

I would be very very surprised if any ledger device would be involved in the cold storage management.

Guess you have a Pikachu face right now.

Here is Bybit’s CEO, in video, confirming he himself signed the tx with a Ledger: https://x.com/bitcoinnewscom/status/1893012696049566024?s=46

[fillippone]

I would be very very surprised if any ledger device would be involved in the cold storage management.

Guess you have a Pikachu face right now.

Here is Bybit’s CEO, in video, confirming he himself signed the tx with a Ledger: https://x.com/bitcoinnewscom/status/1893012696049566024?s=46

When I saw the video I started cursing in Italian.
[Edited out Italian swearing words] but how is it possible to manage 1.5Billion via a ledger?
Don’t keep your coins on the exchanges guys.
Thank you Tryninja, I wouldn’t have believed that, if I hadn’t seen it.

[TryNinja]

When I saw the video I started cursing in Italian.
[Edited out Italian swearing words] but how is it possible to manage 1.5Billion via a ledger?
Don’t keep your coins on the exchanges guys.
Thank you Tryninja, I wouldn’t have believed that, if I hadn’t seen it.

While cursing, for maximum efficiency, remember that they blind signed the tx (on a $1,4b wallet!), meaning they didn’t actually check ANYTHING about the transaction, might as well have used MetaMask on their p0rn computer.

[fillippone]

When I saw the video I started cursing in Italian.
[Edited out Italian swearing words] but how is it possible to manage 1.5Billion via a ledger?
Don’t keep your coins on the exchanges guys.
Thank you Tryninja, I wouldn’t have believed that, if I hadn’t seen it.

While cursing, for maximum efficiency, remember that they blind signed the tx (on a $1,4b wallet!), meaning they didn’t actually check ANYTHING about the transaction, might as well have used MetaMask on their p0rn computer.

Centralised exchanges are walking dinosaurs.
I am full of very bad stories about them.
Even the most “reputable” ones disappointed, and behaved against their users. (Lesson learned the hard way).
Dexes, or quasi dexes like Exch, are the future.

[JayJuanGee]

Bybit hackers move over half the stolen ETH onto Bitcoin, largely using ThorChain
MetaMask Head of Security Taylor Monahan said the Bybit hackers have moved at least 209,384 ETH (~$480 million) onto Bitcoin, in a message to The Block. That represents more than half of the approximately 400,000 ETH taken from the exchange — not including the other drained tokens.

At least $240 million of this amount was laundered using THORchain, according to Arkham Intelligence, which is tracking digital wallets linked to the hacker group. The stolen crypto has "mainly been swapped for native BTC," Arkham said in a post on X.


"TraderTraitor actors are proceeding rapidly and have converted some of the stolen assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains," the FBI said in its announcement. "It is expected these assets will be further laundered and eventually converted to fiat currency."
X

Have you NOT learned how to use quotes Cossyblack?

This whole text is a twitter post... and another thing is that you have no comments about what you are posting?  Do you have a brain?

There is nothing wrong with quoting whole posts from someone else (even from Twitter), but it  is a much better practice to both show that you are quoting and also to have some of your own ideas... otherwise some of us are going to get irritated with you.. and also consider that you don't  have a brain.

[Btcdeybodi]

Centralised exchanges are walking dinosaurs.
I am full of very bad stories about them.
Even the most “reputable” ones disappointed, and behaved against their users. (Lesson learned the hard way).
Dexes, or quasi dexes like Exch, are the future.

Anyone who witnessed the uproar that happened during the collapse of FTX wouldn't dare keep their coins on centralized exchanges anymore, regardless of how reputable an centralized exchange may present itself, they should not be trusted, they are centralized and of which any manipulation is possible and hacks are inevitable. Decentralized exchanges is the key or self custody wallets where you keep your coins with your "two eyes closed" without being bothered or threatened with any form of hack or security breaches. Money is not easy to make, therefore we should give priority to it's security and privacy no matter what it will cost us.

[JollyGood]

The video is damning evidence of a childish schoolboy error made by a competent CEO of a company trading in USD$ billions every month. How can he hold on to his job after this debacle that took place on his watch? Even though it has been ascertained Ledger were not to blame, many online have cited it should not be used for a massive company. If there are other CEOs using it they will be rushing to retire them. As for Lazarus, they probably are planning the next big hack.

Ledger was involved, but it wasn’t their fault.

Bybit confirmed the tx on their Ledger device, but since it involved ETH and complex smart contracts, it looked like rubbish on the device screen and they didn’t check it.

If no HW had been used, Lazarus would have just taken everything since they had control to the UI of the wallet.

Here is ByBit’s CEO confirming it: https://x.com/bitcoinnewscom/status/1893012696049566024?s=46

[bias]

The video is damning evidence of a childish schoolboy error made by a competent CEO of a company trading in USD$ billions every month. How can he hold on to his job after this debacle that took place on his watch? Even though it has been ascertained Ledger were not to blame, many online have cited it should not be used for a massive company. If there are other CEOs using it they will be rushing to retire them. As for Lazarus, they probably are planning the next big hack.

We are talking about ETH and all the shitcoins that bring with it. Ledger advertises itself as the most secure wallet for any coin (lol), especially for cold storage usage. I won't argue his incompetence or Ledger's vulnerability and "safety measures" but where he will have to store them? Which ETH wallet you or anyone else will choose for such an amount/ business? I'm not supporting his choice but I can't blame him for it either.