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$1.5B Bybit Hack – How the biggest hack in history happened

harrydonnelly.substack.com

21–22 of 22 posts

Re: $1.5B Bybit Hack – How the biggest hack in history happened

#21
post #5

The narrative that this is a Lazarus Group hack is being pushed hard. The only connection is that the same wallet was used as in the Phemex hack, which is only speculated to have been done by the Lazarus Group. Bybit is stationed in Dubai, but it's a Singaporean company, just like Phemex. Observing crypto from afar, it's so baffling how people just accept these supposed hacks, and nothing ever comes out of it.

Crypto bros are the perfect victims. Nobody likes them.

Crypto bros: Invest in Crypto because it's not under government control.

Also crypto bros: Government help, hackers stole my crypto.

Re: $1.5B Bybit Hack – How the biggest hack in history happened

#22

Crypto is still in the “bank heist” era. The tech needs surrounding infrastructure built (or plugged in) - not technical but physical. Stuff like recourse mechanisms for mistakes; courts; and prisons. Once that’s done it’ll end up almost indistinguishable from what we already have.

It was originally supposed to be a replacement for cash. A digital medium of exchange.

The problem is that it has become for speculation and for banking. It is not suited to be this.

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