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Major cryptocurrency exchange Bybit has seen total outflows of over $5.5b after it suffered a near $1.5b hack that saw hackers, believed to be from North Korea’s Lazarus Group, drain its ether cold wallet. Bybit CEO Ben Zhou addressed the incident, highlighting the need for loan coverage, user support, and the impact of a temporary shutdown of Safe wallet functionalities.
Responding to the situation, Zhou told his security team to engage Safe to “find a better way to get this money out.” The team ended up developing new software with code “based on Etherscan” to verify the signatures “on a very manual level” to move the stablecoins back to their wallet and cover the withdrawal surge.
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