Original Author: Tian Daxia

Original Source: Tian Daxia's Web3 Jianghu

On February 21, 2025, an ordinary night for the global cryptocurrency industry turned into a heavy bombshell, tearing apart the calm surface of crypto.

At 11:20 PM Beijing time, crypto detective ZachXBT posted that a large outflow of funds was detected from the cryptocurrency exchange Bybit, totaling as much as $1.46 billion.

Some began to wonder if this was merely a "normal wallet reorganization," while others sensed a crisis quietly approaching.

With the confirmation from Bybit co-founder Ben Zhou, it was revealed that Bybit had suffered a hacker attack, with $1.44 billion worth of funds stolen.

Faced with such a large amount, people realized that this was not only the largest hacker attack in the history of Web3 blockchain to date but also a crisis for the industry.

Cracks and Unity in the Crypto Jianghu

To understand the significance of this hacking incident, we need to recall the impact of the "FTX collapse" a few years ago on the industry.

At that time, FTX was one of the top two giants in the crypto industry, and its collapse directly caused the crypto market to plunge into severe turbulence.

FTX's misappropriation of user assets not only dealt a huge blow to the trust in the entire industry but also led the crypto sector into a prolonged slump lasting several months.

At that time, BTC fell below $17,000, and the crypto market accelerated its bearish trend, filling the industry's future with uncertainty.

However, unlike the FTX incident, the hacker attack on Bybit did not stem from betrayal within the industry, but rather from malicious intrusion by external hacker organizations.

Behind this hacking incident lies not only the impact on digital asset security but also reveals a change in the Jianghu

— a decentralized crypto Jianghu, facing a common enemy, how to put aside past disputes, unite as one, and meet the challenge.

In martial arts novels, the Jianghu is always filled with battles between heroes and evil forces, and hackers are the "evil forces" lurking in the shadows.

They often hide in darkness but can create disasters in an instant.

In this incident, Bybit's cold wallet was attacked, and the hackers behind it are undoubtedly synonymous with evil. The "heroes" in this crisis are every participant in the crypto industry.

As of now, Bybit has also completed an unprecedented crisis public relations response, in addition to its own measures, they have received support from all forces within the industry.

In this decentralized Jianghu, only unity can resist external evil forces.

After the incident, Binance's He Yi and others expressed their concerns and willingness to offer help.

TRON founder and Huobi HTX global advisor Justin Sun expressed his concern immediately: "We are closely monitoring the Bybit security incident and will do our utmost to assist our partners in tracking the relevant funds and provide all possible support."

North Korean Hacker Organization, the Biggest Enemy of the Crypto Industry

On-chain detective ZachXBT submitted conclusive evidence at 3:09 AM Beijing time, confirming that the attack on Bybit was carried out by the North Korean hacker organization Lazarus Group.

ZachXBT's analysis report includes detailed information such as test transactions before the attack, associated wallet analysis, multiple forensic charts, and timeline analysis.

Currently, the ETH holdings of the Bybit hacker exceed those of Fidelity and Vitalik, making them the 14th largest holder globally.

The Lazarus Group is a hacker organization composed of an unknown number of individuals, reportedly controlled by the North Korean government.

Although people have limited knowledge about this organization, researchers have attributed multiple cyberattacks to them since 2010.

Unlike the "insider" sabotage in the FTX case, this time, the hackers had a clear target and efficient means; the entire attack was like a swift wind in the dark, quick and deadly.

After the hacking incident broke out, Ben Zhou wrote on social media: "We will keep everyone updated on the latest developments of this incident. We would greatly appreciate any team that can help us track the stolen funds."

It was at this moment that we witnessed an unprecedented unity in the crypto industry.

This morning, Bitget provided Bybit with a loan of 40,000 ETH (approximately $105.9 million) to cope with the withdrawal surge after the ETH theft, with these ETH directly transferred from Bitget to Bybit's cold wallet address.

MEXC transferred 12,600 stETH to Bybit's hot wallet, worth approximately $33.75 million.

ABCDE co-founder Du Jun posted on the X platform, stating, "I will also deposit 10,000 ETH into Bybit today and will not withdraw it within a month."

This scene is quite similar to the plot in traditional martial arts novels where heroes seek help in times of crisis.

In times of crisis, the heroes in the Jianghu will set aside their grievances and unite to fight against evil forces.

This time, it is the heroes of the crypto industry who have stepped up with great courage and wisdom to collectively combat the dark forces in the cyber world.

In this turmoil, Bybit is not fighting alone; supporters from the industry have joined the battle, assisting in tracking the stolen funds and preventing hackers from further damaging the industry.

When the entire crypto industry faces external risks and challenges, relying on the collaboration and resource integration of key participants in the industry can form a solid "moat."

This moat is not just a technical defense line but also a consensus and cooperation mechanism within the industry.

Under the protection of this moat, whether it is hacker attacks, periodic fluctuations, or external political and technological wars, they can be effectively resisted.

Of course, there are also those engaged in internal strife, more so to "satirize" who the real friends are.

As security expert Yu Xian aptly said, stop the internal strife, and do not forget who our common enemy is.

Just as the traditional martial arts world teaches us: only unity can resist external enemies; only trust can seek light in the darkness.

The Bybit incident may just be the beginning. With the popularization and development of blockchain technology, security threats will become increasingly complex and harder to predict.

But as long as each of us can face crises like the "heroes" today.

Setting aside prejudices, the future of Web3 remains bright.

Fuck those hackers!

Tian Daxia

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