Major cryptocurrency exchange BIBit has led to more than $5.5 billion in total leak after suffering nearly $1.5 billion in hacks from North Korean Lazarus group that saw hackers believed to emit etheric cold wallets. I’ve seen it.
According to data from Defilama, the total assets of wallets tracked by exchange-related wallets had plummeted from about $16.9 billion to $11.2 billion at the time of writing. The exchange is now trying to understand exactly what happened.
In an X-space session, Bybit CEO Ben Zhou called on “all hands-on decks” to provide services to clients in response to questions and inquiries about what is happening soon after the incident It has been revealed.
During the session, Zhou revealed that due to a security breach, the hackers saw collapse of around 70% of the client’s ether, so Bybit should quickly protect the loans so that they can handle the withdrawal. did. However, Zhou discovered that Ether is not the most withdrawn token, and most users retracted Stablecoin from Bybit.
Zhou said the exchange will be prepared to cover these withdrawals, but in response to the incident, SAFE temporarily shuts down the functionality of its smart wallets to “ensure absolute trust in the security of the platform.” The crisis deepened as it moved to do so.
SAFE is a decentralized custody protocol that provides smart contract wallets for digital asset management. Some exchanges have integrated SAFE. This allows users to maintain custody of their own funds and has multi-sig features to enhance the security of their cold wallets.
The exchange had a spare backing up user drawers, but according to the surroundings it was in a secure wallet that had $3 billion worth of USDT locked up in a safe wallet.
On social media, Safe said “we found no evidence that the official Safe Frontend had been compromised, but it temporarily scrutinized “specific features.”
The Zhou and Bybit teams were thinking of ways to safely withdraw the $3 billion, but withdrawals were on the rise. Within two hours of the security breaches, the exchange was facing a demand to move more than $100,000 from the platform, Zhou revealed.
In response to the situation, Zhou told his security team to engage safely in “finding a better way to pay this money.” The team developed new software using “Etherscan-based” code, validating the signature “at a very manual level” to put Stablecoins back in their wallets and covering the withdrawal surge.
According to Zhou, the exchange team had to wake up all night to fill the drawers. The exchange was able to move the $3 billion Stablecoin Relerves, which faced banking operations of “about 50%” of all the funds on the exchange.
The story continues