I. The Eve of Crisis: The Dark Stake Has Been Quietly Planted
[February 19, 2025 15:15 HKT]
While the entire crypto community was still looking forward to the next round of upgrades for Ethereum, a meticulously planned "digital ambush" had quietly begun. Hackers deployed a deadly contract (address `0xbDd077…9516`) in the shadows of the blockchain, like planting a time bomb beneath Bybit's multi-signature wall. The Slow Mist team later reflected, "The patience of the attackers is comparable to that of a cheetah—they lay in wait for two days, just to seize the best moment to strike."
II. Whales Bleed: A Textbook-Level 'Interface Fraud' Surprise Attack
[February 21, 2025 14:13 HKT]
The hackers staged a "switcheroo" with three perfectly forged Owner signatures. Through transaction `0x46dee…d7882`, they swapped Bybit's Safe contract for a malicious program. At this point, only 9 hours remained until the real bloodbath began.
[23:30 HKT]
The crypto world held its breath—$1.5 billion worth of ETH/stETH surged out of Bybit's hot wallet like a flood. On-chain detective @OrdzWorld was the first to sound the alarm: "This is no ordinary transfer; this is a precise decapitation of the CEX security system!"
III. Life and Death at High Speed: The CEO's Twitter War and Industry Rescue
[23:48 HKT]
Bybit CEO Ben Zhou's tweet was like a shot of adrenaline: "Our treasury has not been breached! This is just a UI interface fraud." But the market was not convinced—panic swept through the ETH/USDT trading pair on DEX.
[Next Day 00:11 HKT]
Ben Zhou issued a crucial statement: "Every cent of user assets is backed 1:1!" Meanwhile, Bitget's 40,000 ETH lifeline was already on standby. The reserve proof from security agency Hacken appeared just in time, temporarily stabilizing the morale.
[01:00-09:21 HKT]
The industry iron curtain suddenly fell:
- Slow Mist tore apart the hackers' "backdoor trio": `sweepETH`+`sweepERC20`+`DELEGATECALL`, forming a coin theft assembly line
- BitMart's action to freeze addresses was faster than the FBI
- ZachXBT's on-chain tracking pointed directly to the North Korean hacker group Lazarus
- Ember's monitoring showed: Bitget's ETH transfusion was preventing liquidity depletion
IV. The Covert War Escalates: The 'On-Chain Cat and Mouse Game' with Hackers
[15:50 HKT]
As Lazarus began laundering money through the eXch mixer, Bybit's counterattack forces had already set up a comprehensive net. ZachXBT detected that the hackers were mixing the stolen funds with the Phemex case funds, attempting to create a "blockchain fog."
[16:29 HKT]
Bybit's on-chain agents laughed—$4 billion in new funds had filled all the gaps. The CEO declared during a live broadcast: "Want to play with fund aggregation? We have prepared a larger fund pool!"
V. Post-Disaster Reconstruction: Bybit's Seven Firewalls
1. CEO as a Human Shield
Ben Zhou transformed into a human billboard, live streaming updates every 3 hours, using transparency to combat FUD (Fear, Uncertainty, Doubt).
2. Liquidity Blitz
"Our profit pool is bottomless," combined with Bitget's bridging ETH, all withdrawals were processed within 12 hours—this speed would make the banking system blush.
3. Asset Freezing Matrix
Collaborating with on-chain hawks like Chainalysis, "smart mines" were preemptively laid along the hackers' money laundering paths.
4. Dark Web Negotiation Room
"We have prepared both black and white plans," hinted Bybit's security chief, suggesting negotiations with hackers through intermediaries.
5. Industry Joint Defense System
From Antalpha to HashKey, half of the crypto industry's security forces collectively drew their swords, forming a decentralized shield.
6. Contract Security Revolution
Introducing an "operational cooling period," any sensitive changes must undergo 48 hours of on-chain live monitoring—turning the hackers' time bomb into a dud.
7. Transparency Commitment
A complete event report will be permanently archived on-chain, with every vulnerability transformed into nourishment for industry defense upgrades.
VI. The Crypto Revelation: What We Learned When $1.5 Billion Vanished
This epic battle of offense and defense exposed the Achilles' heel of the multi-signature mechanism—no matter how tight the mathematical fortress, it cannot withstand the gentle knife of social engineering. But Bybit's textbook response proved: true security is not absolute defense, but the ability to quickly regenerate after suffering a nuclear strike.
As an anonymous white hat put it: "The hackers stole ETH, but the entire industry gained a more precious asset—the security evolution blueprint bought with $1.5 billion." Today, every CEX is re-evaluating its signature verification process, and Bybit's crisis response template is becoming the ISO standard for the crypto world.
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