3 hours ago
An investigation into the recent Bybit hack has determined that the attackers most likely took advantage of a vulnerability in Safe, the crypto wallet that Bybit was using. Late last week, hackers linked to North Korea’s Lazarus Group pulled off what is believed to be the biggest heist in history, stealing $1.48 billion from Bybit’s Ethereum ( ETH ) wallet. Now, after an investigation by finance security firm Verichains and cybersecurity consultants Sygnia, Bybit CEO Ben Zhou reveals that Lazarus most likely compromised the exchange’s ETH wallet directly through Safe by accessing its Amazon Web Services (AWS) bucket. “The benign Javascript file of app.safe.global appears to have been replaced with malicious code on February 19, 2025, at 15:29:25 UTC, specifically targeting Ethereum Multisig Cold Wallet of Bybit. The attack was designed to activate during the next Bybit transaction, which occurred on February 21, 2025, at 14:13:35 UTC… Based on the investigation results from the machines of Bybit’s Signers and the cached malicious Javascript payload found on the Wayback Archive, we strongly conclude that AWS S3 or CloudFront account/API Key of Safe.Global was likely leaked or compromised.” In a statement , Safe also confirmed the on-chain investigators’ findings. “The forensic review into the targeted attack by the Lazarus Group on Bybit concluded that this attack targeted to the Bybit Safe was achieved through a compromised Safe{Wallet} developer machine resulting in the proposal of a disguised malicious transaction… Following the recent incident, the Safe{Wallet} team conducted a thorough investigation and have now restored Safe{Wallet} on Ethereum mainnet with a phased rollout. The Safe{Wallet} team has fully rebuilt, reconfigured all infrastructure, and rotated all credentials, ensuring the attack vector is fully eliminated.” Safe says it will release a more in-depth post-mortem report on the attack in the near future. Just days after the hack, Zhou said the exchange had restored a 1:1 backing on all client assets after the record-setting hack. His claims were echoed in a proof-of-reserves audit report published by the blockchain security auditor Hacken on Sunday. “The Hacken team’s Proof of Reserves audit, conducted on Sunday, February 23, 2025, demonstrates that Bybit maintains an in-scope reserve ratio of > 100 %. This finding signifies that Bybit possesses sufficient reserves to cover its in-scope liabilities, thereby bolstering trust and confidence among its users and stakeholders.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Bybit Forensic Investigation Determines $1,480,000,000 Hack Stemmed From Vulnerability in Safe Wallet appeared first on The Daily Hodl .
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Litecoin’s Recent Gains Suggest Potential for New Price Highs Amid Market Optimism
Litecoin (LTC) is currently leading the charge among major cryptocurrencies with remarkable gains, showcasing its resilience and potential for future growth. In the past 24 hours alone, Litecoin has demonstrated The Daily Hodl
Ripple’s XRP 10X Path Is Clearer Than Bitcoin’s $1 Million Hurdle, Asserts Analyst
Optimism around XRP has continued to surge despite the asset’s price faltering this week after a wider crypto market drawdown led by Bitcoin. Notably, the third-largest cryptocurrency has dropped nearly 20% since Monday, approaching a critical multi-year support level at $2. Nevertheless, despite this pullback, analysts suggest there is still room for XRP’s growth , with the potential to outperform BTC and ETH in the long run. In a recent tweet, crypto analyst Max Avery highlighted the difference in the scale of returns required for BTC and XRP prices to surge tenfold. “For Bitcoin to deliver a 10x return, it has to reach $1 million. For XRP to deliver 10x, it only needs to hit $25. Think about that gap for a moment. Which seems more likely?” he asked . The pundit further emphasized that XRP has outperformed Bitcoin in percentage ROI over a 10-year period, suggesting the trend could continue. Echoing these sentiments, some XRP community members reinforced the argument. “Totally reasonable,” one investor noted, adding, “ For Bitcoin to 10x, the market cap would need to increase from $2T to $20T. The entire valuation of all U.S. equity markets is maybe $50T. Bitcoin is not going to get there. For XRP to 10x, its market cap would be $1.5T.” That said, this surge in optimism comes as XRP continues to attract strong interest, particularly in South Korea. According to CoinGecko data, Upbit’s trading volume reached $4.53 billion in the past 24 hours, with XRP/KRW leading the Korean won trading market at 27.99% of total volume. Other top-traded assets included BTC, ETH, USDT, and DOGE. Interest in the XRP ecosystem has also been fueled by developments in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Various experts anticipate a resolution soon, with pro-Ripple attorney Jeremy Hogan stating on Saturday that a decision could come as early as April or May. Adding to the optimism, speculation around a potential spot XRP ETF approval has intensified. Multiple applications, including 21-Shares and Grayscale’s, were recently added to the SEC’s federal register, prompting analysts to assess their potential market impact. Last week, Luca Sorlini, Product Director at Northstake, projected that an approved XRP ETF could attract between $400 million and $800 million in inflows within its first week, depending on market conditions and institutional demand. Elsewhere, last month JPMorgan predicted up to $8 billion could flow into an XRP ETF, a significant sum, though modest compared to the over $50 billion in payments Ripple has already processed. At press time, XRP was trading at $2.19, reflecting a 10.44% drop in the past 24 hours. The Daily Hodl
