Bybit Kena Hack: Terbesar Sepanjang Sejarah Crypto

Summary

The video delves into the massive hack that took place on February 21, 2025, where Bybit, one of the largest crypto exchanges, lost up to $1.5 billion in Ethereum and ERC-20 tokens. The hack, suspected to be carried out by the Lazarus Group, was a result of a human error involving social engineering. Despite the magnitude of the attack, Bybit managed to recover 80% of the stolen funds. The video also explores rumors of an insider job, Bybit's financial stability, and how this hack could potentially impact the broader crypto market, especially in comparison to the FTX collapse.

Takeaways

• 😀 The largest hack in crypto history occurred on February 21, 2025, when Bybit, one of the world's largest crypto exchanges, was targeted by hackers, resulting in a loss of approximately $1.4–1.5 billion in Ethereum and ERC-20 tokens.
• 😀 This hack surpasses previous record-breaking hacks such as the Ronin Network hack in 2022 and the Mt. Gox hack in 2014.
• 😀 The hacker bypassed Bybit's cold wallet security system by manipulating routine transactions between hot and cold wallets, exploiting a human error.
• 😀 The hack is suspected to be carried out using social engineering techniques, such as phishing links that were unknowingly clicked by Bybit employees.
• 😀 Blockchain investigators quickly tracked the stolen funds, with prominent on-chain analyst Zack XBT leading the investigation, pointing toward the Lazarus Group, a North Korean hacking group.
• 😀 Lazarus Group has been linked to numerous crypto hacks in the past, including the Ronin Network and Harmony Bridge hacks.
• 😀 Some rumors suggest the hack may have been an inside job, with the hacker having detailed knowledge of Bybit's internal transaction processes.
• 😀 Despite the magnitude of the hack, Bybit responded swiftly, partnering with forensic blockchain teams and the crypto community to track the stolen funds in real time.
• 😀 Bybit managed to recover approximately 80% of the stolen funds, which is a rare success in such large-scale hacks.
• 😀 The broader crypto community, including centralized exchanges like Binance and Bitget, supported Bybit by providing liquidity to stabilize the exchange's operations.
• 😀 Speculation arose that the hack might lead to a bear market similar to the aftermath of the FTX collapse, but the differences in market conditions between 2022 and 2025 suggest that the impact may be less severe.

Q & A

What major event in the cryptocurrency world happened on February 21, 2025?

On February 21, 2025, Bybit, one of the largest cryptocurrency exchanges, was hacked, resulting in a loss of around 1.4 to 1.5 billion dollars in Ethereum and ERC-20 tokens.

How does the recent Bybit hack compare to past cryptocurrency hacks?

The Bybit hack is the largest in cryptocurrency history, surpassing previous hacks such as the Ronin Network hack in 2022, which lost around 625 million dollars, and the Mt. Gox hack in 2014, which involved a loss of 470 million dollars.

What was the method the hacker used to bypass Bybit’s security systems?

The hacker exploited a vulnerability in Bybit's cold wallet system by manipulating routine transactions between the hot and cold wallets. This involved bypassing multi-signature security measures and using social engineering or phishing tactics to deceive Bybit’s security team.

Who is suspected to be behind the Bybit hack?

The hack is suspected to have been carried out by the Lazarus Group, a notorious North Korean hacking group known for previous high-profile cryptocurrency thefts, including hacks on Ronin Network, Harmony Bridge, and Atomic Wallet.

What speculations arose regarding the possibility of an insider being involved in the Bybit hack?

Some speculated that the hack could have been an 'insider job,' where an employee from Bybit helped the hacker infiltrate the system. This was due to the precise nature of the hack, which seemed to target internal transaction pathways.

How did Bybit respond to the hack and the rumors surrounding it?

Bybit took immediate action to control the damage, working with blockchain forensic teams and the crypto community to track the stolen funds. They also reassured users that their funds were safe and borrowed funds from other exchanges like Binance to maintain liquidity.

What are the implications of Bybit borrowing funds from other exchanges?

Bybit’s borrowing of funds from other exchanges raised questions about their financial health, with some speculating it was a sign of liquidity issues. However, Bybit’s CEO clarified that the borrowing was necessary to manage Ethereum network liquidity, not a sign of a cash crisis.

What sets the Bybit hack apart from the FTX collapse of 2022?

Unlike the FTX collapse, which was caused by fraud and mismanagement, the Bybit hack was a result of a security breach. Despite the large scale of the hack, Bybit still had the funds to cover the losses and was supported by other exchanges to stabilize the market.

How does the current macroeconomic situation in 2025 differ from 2022, and how does it impact the cryptocurrency market?

In 2025, central banks, including the Federal Reserve, have lowered interest rates and halted quantitative tightening, which means more liquidity is entering the market. This is different from 2022 when tightening measures caused a global market downturn, including in cryptocurrencies.

What is the key takeaway from the Bybit hack in terms of cryptocurrency storage?

The key takeaway is that cryptocurrency exchanges, while convenient for transactions, are vulnerable to hacks. It's crucial for users to consider self-custody of their assets, keeping coins in personal wallets rather than relying entirely on exchanges for storage.