On-chain Sleuth ZachXBT Investigates Bybit Hack

On-chain sleuth ZachXBT has responded to Arkham Intelligence’s bounty request aiming to uncover the hacker behind Bybit’s $1.4 billion attack. ZachXBT suggests that an “organization” rather than a single individual might be responsible for the breach.

> “My submission has been sent identifying the organization behind the attack using on-chain data.”
> — ZachXBT (@zachxbt) February 21, 2025

Arkham Intelligence has issued a bounty of 50K ARKM, worth over $30,000 at current rates, inviting submissions to help identify those responsible for the hacking incident. These submissions will be shared with the Bybit team to assist in their ongoing investigation.

Some commentators have remarked that the $30,000 bounty is insufficient for such a significant event. In response, ZachXBT stated that the identity of the hacker may not provide much insight if the threat comes from a nation-state actor.

This commentary has led to speculation that North Korean hackers could be behind the Bybit attack. Conor Grogan, Head of Product at Coinbase, concurred, stating that the Bybit hacker is likely from North Korea, and noted that this hacker is now the 14th largest Ethereum holder globally.