<p>Crypto derivatives exchange Bybit just became the latest victim of North Korea’s elite hacking unit, the Lazarus Group. They didn’t brute-force their way in. They didn’t exploit some obscure vulnerability. Instead, they tricked a trusted developer, slipped in malicious code, and took off with a fortune.</p><p>How did this happen? Why was $1.5 billion sitting in a single wallet? What mistakes did Bybit and Safe make? And, more importantly, what needs to change to stop this from happening again?</p><p>This week, Mudit Gupta, chief information security officer at Polygon, joins Unchained to expose the security failures, the sophisticated tactics Lazarus used, and why crypto still hasn’t learned its lesson.</p><h3>Show highlights:</h3><ul>
<li>2:11 Mudit’s experience with North Korea’s Lazarus</li>
<li>3:24 How Lazarus perpetrated the $1.5 billion hack</li>
<li>5:55 Why Lazarus relies on social engineering over technical exploits</li>
<li>7:34 Why Bybit was so specifically targeted by the hackers</li>
<li>10:02 What Bybit should have done to prevent the exploit</li>
<li>13:12 Why Mudit believes there was “no reason” to hold so much ETH in one single wallet</li>
<li>15:57 Who should be a signer in multisigs</li>
<li>17:46 How to prevent using a malicious website</li>
<li>19:13 Why Safe should have done things differently, according to Mudit</li>
<li>19:55 How Bybit and Safe handled crisis communication</li>
<li>24:20 Mudit’s must-know security tips for protecting your crypto</li>
</ul><p></p><p><strong>Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com</strong></p><h3>Thank you to our sponsors!</h3><ul><li><a href="https://www.mantle.xyz/">Mantle</a></li></ul><h3>Guest</h3><ul><li>
<a href="https://x.com/Mudit__Gupta">Mudit Gupta</a>, Chief Information Security Officer at Polygon</li></ul><p></p><h3>Links</h3><ul>
<li>Recent coverage of Unchained on the Bybit hack:</li>
<li><a href="https://unchainedcrypto.com/north-korean-hackers-are-winning-is-the-crypto-industry-ready-to-stop-them/">North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them?</a></li>
<li><a href="https://unchainedcrypto.com/the-chopping-block-cryptos-worst-week-bybit-hack-libra-scandal-the-memecoin-reckoning/">The Chopping Block: Crypto’s Worst Week? Bybit Hack, Libra Scandal, & The Memecoin Reckoning</a></li>
<li><a href="https://unchainedcrypto.com/bits-bips/bits-bips-markets-are-down-bad-when-will-crypto-recover/">Bits + Bips: Markets Are Down Bad. When Will Crypto Recover?</a></li>
<li>Unchained: <a href="https://unchainedcrypto.beehiiv.com/p/bybit-s-nightmare-weekend#bybit-flows-return-to-normal-after-">Bybit Flows Return to ‘Normal’ After Biggest-Ever Crypto Hack</a>
</li>
<li>Bybit Hack <a href="https://x.com/benbybit/status/1894768736084885929">Forensics Report </a>
</li>
<li><a href="https://x.com/safe/status/1894768522720350673">"Safe{Wallet} Statement on Targeted Attack on Bybit "</a></li>
</ul><p> </p><p>Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a></p>

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How the $1.5 Billion Bybit Hack Could Have Been Prevented - Ep. 791

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