Arkham Intelligence has confirmed that blockchain sleuth ZachXBT successfully identified the Lazarus Group, a notorious North Korean hacking syndicate, as the force behind the staggering $1.46 billion Bybit hack on February 21. The revelation earned ZachXBT a 50,000 ARKM bounty, valued at around $31,500, for his investigative efforts.

The massive exploit drained staked Ether and ERC-20 tokens from Bybit, marking the largest crypto exchange hack in history, according to onchain security firm Blockaid. The breach sparked immediate reactions across the crypto space, with exchanges, industry leaders, and security experts weighing in on the attack.

In response to the incident, key figures and exchanges expressed solidarity with Bybit. Tron founder Justin Sun confirmed his team was actively tracking the stolen funds. OKX also deployed its security team to assist in the investigation, while KuCoin publicly supported Bybit’s team and CEO Ben Zhou, calling for industry collaboration to combat cybercrime.

Despite the magnitude of the attack, some industry insiders urged calm, dismissing comparisons to past collapses like FTX. Coinbase executive Conor Grogan noted that Bybit was still processing withdrawals, had over $20 billion in assets, and suffered an isolated breach rather than a systemic failure.

Security experts took the opportunity to remind users of best practices. Yuga Labs’ blockchain VP advised using multisignature wallets and hardware security measures, while KuCoin reinforced the importance of two-factor authentication and strong passwords.

As investigations continue, the Bybit hack serves as another stark reminder of the persistent security risks in the crypto sector, underscoring the need for heightened vigilance and industry-wide cooperation.