The crypto community on X has reacted strongly after the hack of the Bybit exchange, causing more than $1.46 billion in losses. Security experts quickly stepped in to identify the culprits, while also offering advice on how to increase security for users.

ZachXBT Receives Arkham Reward for Identifying Lazarus Group

Arkham Intelligence recently announced that on-chain analyst ZachXBT has identified Lazarus Group, a notorious North Korean hacker group, as the culprits behind the February 21 attack on Bybit. Arkham had previously offered a bounty of 50,000 ARKM (worth about $31,500) for anyone who provides information about the attacker.

According to ZachXBT, the hack caused serious damage as the attackers withdrew a large amount of staked ETH and other ERC-20 tokens. ZachXBT quickly tracked and analyzed on-chain data to trace the Lazarus group, then submitted a report to Arkham to confirm the identity of the perpetrator.

The Biggest Hack in Exchange History

According to security platform Blockaid, the Bybit attack was the largest hack ever to happen to a cryptocurrency exchange. With a scale of up to 1.46 billion USD, the incident created a wave of debate in the crypto community. While some expressed concerns about the security of exchanges, many organizations in the industry stood up to defend and support Bybit during the incident.

Crypto Community Stands for Bybit

In the wake of the shocking hack, many major crypto organizations have spoken out in support of Bybit. Tron founder Justin Sun said his network is helping track the stolen funds.

OKX exchange also deployed a security team to assist in the investigation. Meanwhile, KuCoin posted a message of support for Bybit, stressing that “crypto security is a shared responsibility of the entire industry.” KuCoin stressed that cooperation between exchanges is key to fighting cybercrime and protecting users.

Calls to End FUD

Amid concerns about the long-term impact of the hack, some industry figures have called for calm and to avoid spreading FUD (fear, uncertainty, doubt).

Coinbase CEO Conor Grogan said that Bybit handled the situation well by maintaining normal withdrawal operations. He asserted that Bybit has more than $20 billion in assets on the platform and that its cold wallets were not affected. Grogan compared the situation to the FTX collapse and emphasized that Bybit is nothing like FTX.

Security Advice for Users

Following the hack, many security experts shared measures to help users protect their assets. Yuga Labs' VP of blockchain, "Quit," recommended using hardware wallets, multi-signatures, and simulating transactions before making them.

KuCoin also offered advice such as enabling two-factor authentication (2FA), using strong and unique passwords, and leveraging more secure access keys.

Conclusion

The Bybit hack is a stark reminder of the security risks in the crypto world. However, Bybit's prompt response and support from major crypto institutions have helped reassure the community. Going forward, enhanced on-chain security measures and cooperation between exchanges will be key to protecting the crypto industry from increasingly sophisticated attacks.