The FBI just confirmed that North Korea’s Lazarus Group, also known as “TraderTraitor,” was behind the $1.5 billion Ethereum hack of Bybit, on the 21st of February.
This heist is the largest in crypto history, saw over 400,000 and tokens like stETH siphoned from Bybit’s cold wallet during a routine transfer. Non-custodial crypto wallet could be the answer.
FBI Public Service Announcement (PSA) linked the Lazarus attack as a state-sponsored hack, infamous for funding North Korea’s dictatorships regime through cybertheft.
🚨BREAKING: The 🇺🇸FBI releases official statement declaring 🇰🇵North Korea responsible for the @Bybit_Official hack and encourages any transactions from the listed addresses to be BLOCKED pic.twitter.com/t2BRruYIY3
— FXFC (@FX_FGang) February 27, 2025
US FBI Confirms North Korea Lazarus Group Role in Bybit Hack Drama
The Lazarus Group executed a slick operation. They manipulated the transaction’s smart contract and masked the signing interface to deceive Bybit’s signers, including Bybit CEO Ben Zhou.
Within hours, stolen funds were converted into and dispersed across thousands of addresses on multiple blockchains within hours. This is a laundering method that looks like the $600 million Ronin Network hack in 2022.
The FBI identified 48 Ethereum addresses tied to the hackers and called on exchanges and DeFi platforms to freeze them.
Nevertheless, Bybit acted fast, covering the loss with reserves and securing a bridge loan. Meanwhile, Zhou offered a $140 million bounty to recover the funds and dismantle Lazarus.
Join us on war against Lazarus – https://t.co/6DnaH1WTId
Industry first bounty site that shows aggregated full transparency on the sanctioned Lazarus money laundering activities. V1 includes:
– Becoming a bounty hunter by connecting your wallet and help tracing the fund, when…— Ben Zhou (@benbybit) February 25, 2025
Blockchain investigator ZachXBT was the first to flag Lazarus Group involvement shortly after the hack. ZachXBT traced the funds to wallets used in prior attacks on Phemex and BingX.
ZachXBT’s finding, corroborated by Elliptic and TRM Labs, showed that the group split the loot into 50 wallets of 10,000 ETH each. Afterward, they funneled the funds through decentralized exchanges.
The FBI’s forensic analysis is also aligned with ZachXBT. Moreover, the FBI noted that North Korea has stolen over $6 billion in crypto since 2017 to fund a missile program.
Bybit’s breach is another story about the risks of centralized exchanges, where even cold wallets get depleted due to human error.
Therefore, the hack explains why non-custodial wallets matter. The Lazarus hack exploited Bybit’s custodial setup, tricking signers into handing over control.
Non-custodial wallets, on the other hand, cut out that vulnerability. No third party can make you lose your assets to a hack or mistake. Strong practices like key backups and multi-factor authentication better shield you from sophisticated threats like Lazarus.
When $1.5 billion can vanish in minutes, controlling your own crypto is a must.
(Source)
Non-custodial wallets: because no one guards your gold better than you
The FBI’s confirmation of Lazarus Group’s involvement showed us the vulnerabilities of centralized systems with its custodial wallet.
Best Wallet supports over 60 blockchains, including Bitcoin, Ethereum, and Solana. This non-custodial wallet offers a seamless, secure way to buy, hold, and trade assets without handing over control to a third party.
Furthermore, Best Wallet is integrated with Best DEX, which aggregates over 200 decentralized exchanges for optimal trading rates.
The best feature is probably the upcoming Best Card. This card will make crypto spending as easy as swiping a debit card, complete with 8% cashback.
As safe as every wallet is, it needs cutting-edge security. Best Wallet wins by integrating the decentralized recovery from Fireblocks.
At the heart of this ecosystem is the $BEST token. It has already raised over $10 million and is still in presale.
Why hold the $BEST token when you can use the wallet itself for free? Holding $BEST unlocks many benefits, i.e., reduced transaction fees, exclusive access to presales (think 10x or 50x returns), and staking rewards that are crazy enough right now with 150% APY. Best Wallet benefit has no match.
The Best Wallet user base is growing by 50% monthly, and it aims to capture the $11 billion non-custodial wallet market by 2026.
Analysts see it climbing 20x or even 40x from its presale price by 2030. Why? because it’s utility, and utility altcoin season has yet to arrive.
Best Wallet and $BEST together offer a blend of security and growth. While the Lazarus Group exploits yesterday’s systems, $BEST holders bet on tomorrow’s wealth.
Download Best Wallet on Google Play or the Apple App Store.
Join the conversation on X, Telegram, and Discord.
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Key Takeaways
- The FBI confirmed that the Bybit hack was done by Lazarus and funded by North Korea.
- Non-custodial wallet to avoid hack.
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