Crypto sector rallies behind Bybit, responds to $1.4b breach

The main cryptocurrency companies launched a coordinated defense following the Bybit security incident.

The CEO of exchange, Ben Zhou, announced that several leaders in industry had united their strengths to follow, contain and minimize the impact of the feat.

The response has united both centralized and decentralized financial sectors, with key infrastructure providers implementing immediate protective measures.

Orbiter, Debridge, Synfutures, Myx, Thruster and Owlto quickly moved to addresses linked to the black list linked to the feat. Chainalysis provided crucial support by following and publishing the attacker’s portfolio addresses.

Several blockchain safety companies have strengthened the defensive effort. The intermediate bridge sis blocked the associated addresses to prevent the laundering of assets, while Zero Shadows activated his global response team 24th a day to help the tracing of the actors and the communications of the police.

Institutional merchants show support for

Market stability has received crucial support from institutional traders, with TMSI, Bayside Trading, Mathrix, Wintermute, Cumberland and GSR Markets Management of their commercial positions.

Additional support came from the main players in the industry, including Antalpha Global, Bitget, Pionex, Mexc, Galaxy Digital, Falconx and the main protocols of Defi Lido Finance and Solana Foundation.

“Although this was a difficult period for the appeal, our partners have demonstrated unshakable support,” said Zhou. “Their confidence and their rapid action are speaking a lot about the maturity and resilience of this industry.” He stressed that the incident revealed that the capacity of the cryptocurrency sector to unite against common threats.

The exchange also received assistance from its user base, with VIP customers and retail merchants showing patience because Bybit improves its safety infrastructure. Zhou also said: “This decisive moment proves that the strongest players in crypto stand together when it is the most important.”

Also suffer in a announcement A large recovery bonus program offering up to 10% of funds recovered after the flight of cryptocurrency.

“Within 24 hours of the event, we were overwhelmed by the support of some of the best people and organizations in the industry, and we do not hold it for granted. We shared in a dark moment in the history of the crypto, and we have proven that we are better than the malicious actors, “said Zhou.

He underlined Bybit’s commitment to strengthen security and liquidity while promoting collaboration across industry.

Until now, the Zachxbt chain investigator has identified the Lazarus group of North Korea as well as the brains behind hacking.

The survey shared that the pirates exploited Ethereum de Bybit (Ethn) Multisig cold wallet during a routine transfer to the hot exchange portfolio.

The attackers manipulated the signature interface, which displayed the address of the correct portfolio while modifying the underlying intelligent contractual logic.

The Lazare group is also related at DMM Bitcoin Exchange Hack from last year. In May, DMM Bitcoin, based in Japan, underwent a security violation, which led to a flight of approximately $ 305 million.

Last July, the India Wazirx Stock Exchange was compromised, resulting in a loss of around 235 million dollars. This incident was also linked to Lazarus.