Crypto losses reached $1.53B in february, led by Bybit, Infini and zkLend exploits: Certik

Crypto losses totaled $ 1.53 billion in February, the three largest exploits being Bybit, Infini and Zklend Hacks.

According to CertificationCryptographic losses totaled nearly $ 1.53 billion in February, which represents an increase of almost 1,500% compared to losses of $ 98 million reported in January. By excluding the losses of Bybit, other cryptographic losses in February amounted to more than $ 126 million, which is still a considerable increase of 28.5% compared to the previous month.

The greatest loss came from the piracy of February 21 of Bybit, which was attributed to the Lazare group in North Korea. Out of $ 1.53 billion in total loss, bybit’s hacking siphoned $ 1.4 billion. This hacking has become the largest cryptographic hack of all time, exceeding the hacking of $ 650 million Ronin Bridge in March 2022 – which was also linked to Lazarus. After the hack, the stolen funds were bleached using cryptographic mixers. Since the last update, Lazarus has now bleached Almost all stolen funds.

The second largest loss came from February 24 Hack of Stablecoin Neobank InfiniThis led to a loss of $ 49.5 million. Cyvers awarded the feat to a developer who has kept the administrative rights after helping to establish the intelligent contract. Three months later, the developer used these rights to drain the funds for a portfolio funded through the Tornado Cash. Infini always tries to recover the stolen funds. The company left a message to the hacker, warning that it would take legal action and gele the stolen funds if necessary. The Neobank even offered a 20% bonus to the pirate for the return of stolen assets, with a deadline for 48 hours to be complied with. The deadline has long passed, but the funds are still in possession of the pirate.

To come third, Zklend’s feat on February 12 led to a loss of $ 9.5 million from Ethereum (Ethn). Similar to infinite, Zklend offered a pirate bonus, requesting the return of 90% of stolen funds, the pirate authorized to keep 10%. The last update on Zklend’s hack is that a recovery portal for the users concerned was open. However, the funds are still in possession of the pirate.

In addition to the losses of February due to hacks, Certik also indicated that portfolio compromises were the highest category for losses. This was followed by the vulnerabilities of the code, which led to losses of $ 20 million. Phishing attacks led to $ 1.8 million in stolen funds.