Sooly on Nostr: BREAKING 🚨On Feb 21, 2025, hackers stole 401K ETH from #Bybit’s wallets in a ...

BREAKING 🚨On Feb 21, 2025, hackers stole 401K ETH from #Bybit’s wallets in a sophisticated attack linked to North Korea’s Lazarus Group. This isn’t just a crypto scandal, it’s a global cybersecurity crisis.

How did they pull it off? What does this mean for the future of #bitcoin ? Let’s break it down ##nostr .👇🏽

quoting naddr1qq…m5mx

The digital guillotine has fallen. The Bybit hack wasn’t just a theft—it was a surgical strike exposing the fatal flaw of “crypto” that isn’t Bitcoin. This wasn’t a bug. It was a feature of a system designed to fail.

Here’s how North Korea’s Lazarus Group stole $1.5B in ETH, why “decentralized finance” is a joke, and how Bitcoin remains the only exit from this circus.

I. The Heist: How Centralized “Crypto” Betrayed Its Users

A. The Multisig Mousetrap (Or: Why You’re Still Using a Bank)

Bybit’s Ethereum cold wallet used multisig, requiring multiple approvals for transactions. Sounds secure, right? Wrong.

•	The Con: Hackers didn’t pick the lock; they tricked the keyholders using a UI masking attack. The wallet interface showed “SEND TO BYBIT”, but the smart contract was whispering “SEND TO PYONGYANG.”
•	Bitcoin Parallel: Bitcoin’s multisig is enforced on hardware, not a website UI. No browser spoofing, no phishing emails—just raw cryptography.

Ethereum’s multisig is a vault with a touchscreen PIN pad. Bitcoin’s is a mechanical safe with a key only you hold. Guess which one got robbed?

B. Smart Contracts: Dumb as a Bag of Hammers

The thieves didn’t “hack” Ethereum—they exploited its smart contract complexity.

•	Bybit’s security depended on a Safe.global contract. Lazarus simply tricked Bybit into approving a malicious upgrade.
•	Imagine a vending machine that’s programmed to take your money but never give you a soda. That’s Ethereum’s “trustless” tech.

Why Bitcoin Wins: Bitcoin doesn’t do “smart contracts” in the Ethereum sense. Its scripting language is deliberately limited—less code, fewer attack vectors.

Ethereum is a Lego tower; Bitcoin is a granite slab. One topples, one doesn’t.

II. The Laundering: Crypto’s Dirty Little Secret

A. Mixers, Bridges, and the Art of Spycraft

Once the ETH was stolen, Lazarus laundered it at lightspeed:

1.	Mixers (eXch) – Obfuscating transaction trails.
2.	Bridges (Chainflip) – Swapping ETH for Bitcoin because that’s the only exit that matters.

Bitcoin Reality Check: Bitcoin’s privacy tools (like CoinJoin) are self-custodial—no third-party mixers. You keep control, not some “decentralized” website waiting to be hacked.

Ethereum’s “bridges” are burning rope ladders. Bitcoin’s privacy? An underground tunnel only you control.

B. The $1.5B Lie: “Decentralized” Exchanges Are a Myth

Bybit’s “cold wallet” was on Safe.global—a so-called “decentralized” custodian. Translation? A website with extra steps.

•	When Safe.global got breached, the private keys were stolen instantly.
•	“Decentralized” means nothing if your funds depend on one website, one server, one weak link.

Bitcoin’s Answer: Self-custody. Hardware wallets. Cold storage. No trusted third parties.

Using Safe.global is like hiding your life savings in a gym locker labeled “STEAL ME.”

III. The Culprits: State-Sponsored Hackers & Crypto’s Original Sin

A. Lazarus Group: Crypto’s Robin Hood (For Dictators)

North Korea’s hackers didn’t break cryptography—they broke people.

•	Phishing emails disguised as job offers.
•	Bribes & social engineering targeting insiders.
•	DeFi governance manipulation (because Proof-of-Stake is just shareholder voting in disguise).

Bitcoin’s Shield: No CEO to bribe. No “upgrade buttons” to exploit. No governance tokens to manipulate. Code is law—and Bitcoin’s law is written in stone.

Ethereum’s security model is “trust us.” Bitcoin’s is “verify.”

B. The $3B Elephant: Altcoins Fund Dictators

Since 2017, Lazarus has stolen $3B+ in crypto, funding North Korea’s missile program.

Why? Because Ethereum, Solana, and XRP are built on Proof-of-Stake (PoS)—which centralizes power in the hands of a few rich validators.

•	Bitcoin’s Proof-of-Work: Miners secure the network through energy-backed cryptography.
•	Altcoins’ Proof-of-Stake: Security is dictated by who owns the most tokens.

Proof-of-Stake secures oligarchs. Proof-of-Work secures money. That’s why Lazarus can drain altcoin treasuries but hasn’t touched Bitcoin’s network.

IV. Bybit’s Survival: A Centralized Circus

A. The Bailout: Banks 2.0

Bybit took bridge loans from “undisclosed partners” (read: Wall Street vultures).

•	Just like a traditional bank, Bybit printed liquidity out of thin air to stay solvent.
•	If that sounds familiar, it’s because crypto exchanges are just banks in hoodies.

Bitcoin Contrast: No loans. No bailouts. No “trust.” Just 21 million coins, mathematically secured.

Bybit’s solvency is a confidence trick. Bitcoin’s solvency is math.

B. The Great Withdrawal Panic

Within hours, 350,000+ users scrambled to withdraw funds.

A digital bank run—except this isn’t a bank. It’s an exchange that pretended to be decentralized.

Bitcoin fixes this: your wallet isn’t an IOU. It’s actual money.

Bybit = a TikTok influencer promising riches. Bitcoin = the gold in your basement.

V. The Fallout: Regulators vs Reality

A. ETH’s 8% Crash vs Bitcoin’s Unshakable Base

Ethereum tanked because it’s a tech stock, not money. Bitcoin? Dropped 2% and stabilized.

No CEO, no headquarters, no attack surface.

B. The Regulatory Trap

Now the bureaucrats come in demanding:

1.	Wallet audits (they don’t understand public ledgers).
2.	Mixer bans (criminalizing privacy).
3.	KYC everything (turning crypto into a surveillance state).

Bitcoin’s Rebellion: You can’t audit what’s already transparent. You can’t ban what’s unstoppable.

VI. Conclusion: Burn the Altcoins, Stack the Sats

The Bybit hack isn’t a crypto problem. It’s an altcoin problem.

Ethereum’s smart contracts, DeFi bridges, and “decentralized” wallets are Swiss cheese for hackers. Bitcoin? A titanium vault.

The Only Lessons That Matter:

✅ Multisig isn’t enough unless it’s Bitcoin’s hardware-enforced version. ✅ Complexity kills—every altcoin “innovation” is a security risk waiting to happen.

Lazarus Group won this round because “crypto” ignored Bitcoin’s design. The solution isn’t better regulations—it’s better money.

Burn the tokens. Unplug the servers. Bitcoin is the exit.

Take your money off exchanges. Be sovereign.