What Happened in the Bybit Hack?

On February 21, 2025, the crypto world was rattled when Bybit, a major exchange, lost $112 million in a sophisticated hack. The incident caught the attention of security expert Evilcos, who posted an in-depth analysis on X at https://x.com/evilcos/status/1893203697485914164. According to Evilcos, the attack wasn’t a fluke—it showed signs of a well-executed plan, possibly linked to North Korean hackers. Let’s dive into what went down and why it matters.

The Attack Explained Simply

Evilcos points out that the hack didn’t exploit the Safe contracts themselves—those are the secure, multi-signature wallets Bybit used. Instead, the attackers tampered with the front-end, the part of the system users interact with. Imagine it like a fake ATM screen tricking you into handing over your PIN. This deception allowed the hackers to siphon off funds, leaving the underlying smart contracts untouched but the wallets empty.

This isn’t a new trick. Evilcos notes similar attacks in 2024, like the $230M WazirX hack and the $50M Radiant Capital heist, both targeting Safe multi-signature setups. The pattern? Front-end manipulation paired with mature, engineered tactics. It’s like these hackers have a playbook—and they’re getting better at it.

North Korean Connection

One juicy detail Evilcos drops is the potential involvement of North Korea’s Lazarus Group, a notorious hacking crew. Posts on X from Evilcos and others, like security researcher ZachXBT, suggest this group’s fingerprints are all over the Bybit hack. These hackers are known for blending social engineering (think phishing emails) with technical exploits, such as finding zero-day vulnerabilities—previously unknown flaws in software—to break into systems. Evilcos hints this could be another chapter in their long history of crypto heists.

Why This Keeps Happening

Crypto exchanges like Bybit use multi-signature wallets for extra security, requiring multiple approvals for transactions. But as Evilcos explains, even the best tools can fail if the human or interface layer gets compromised. Hackers don’t need to crack the vault if they can trick the guard into opening it. This front-end attack trend is a wake-up call for the industry—secure code isn’t enough if the user-facing side is vulnerable.

Bybit’s Response and Lessons Learned

Evilcos gives props to Bybit for acting fast. They pinpointed the issue quickly and worked with security teams, including Evilcos’ own SlowMist crew, to investigate. By midnight PST on February 21, the problem was clear, and mitigation was underway. It’s a reminder that speed and collaboration can limit damage, even in a massive breach.

For the average crypto user, this saga underscores a key lesson: always double-check what you’re interacting with. A legit-looking website or app could be a trap. For exchanges, it’s about tightening up those non-contract layers—think better front-end security and user verification steps.

What’s Next?

The Bybit hack isn’t just a one-off—it’s part of a bigger wave of attacks targeting crypto platforms. Evilcos warns that other exchanges using Safe or similar multi-signature systems could be next if they don’t shore up their defenses. With North Korean hackers potentially in the mix, the stakes are high. Will the industry adapt, or are we in for more multi-million-dollar wake-up calls?

Stay tuned to voices like Evilcos on X for real-time insights as this story unfolds. The crypto space is wild, and understanding these hacks is key to navigating it safely.