Onchain security analyst ZachXBT has linked the notorious North Korean hacker group, Lazarus Group, to the $1.46 billion Bybit hack, according to Arkham Intelligence.

The firm had placed a bounty to uncover the attackers, offering a reward of 50,000 ARKM tokens, valued at approximately $31,500.

The attack on Bybit resulted in the loss of staked Ether and other ERC-20 tokens, marking the largest crypto exchange hack in history, according to onchain security platform Blockaid.

ZachXBT promptly identified the perpetrators using onchain data and submitted his findings to Arkham.

The revelation quickly spread across the crypto community, prompting reactions ranging from expressions of support for Bybit to calls for enhanced security measures.

The founder of the Tron blockchain, Justin Sun, confirmed that his network was assisting in tracking the stolen funds. Crypto exchange OKX also deployed its security team to support Bybit’s investigation, as stated by its chief marketing officer, Haider Rafique.

KuCoin, another major exchange, voiced its support for Bybit and its CEO Ben Zhou, stating that the industry must collaborate to combat cybercrime. "Crypto is a shared responsibility," KuCoin said, emphasizing the importance of cross-exchange cooperation to strengthen security.

Despite the hack, Bybit has continued processing withdrawals, reassuring users of its stability. Coinbase executive Conor Grogan pointed out that Bybit remains well-capitalized, with over $20 billion in assets, and that its cold wallets were not compromised. "This is not an FTX situation," Grogan wrote on X. "If it were, I would be screaming it out. Bybit will be fine."

As the crypto community digested the news, security experts shared advice on safeguarding digital assets. "Quit," vice president of blockchain at Yuga Labs, suggested using multisignature wallets, hardware signers, and security simulations to mitigate risks. KuCoin also urged users to enable two-factor authentication, set strong passwords, and use passkeys to enhance account security.

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