Cyberattacks don’t happen by accident—they are meticulously planned, strategically executed, and involve months or even years of preparation. The recent $1.5 billion Bybit hack by the infamous Lazarus Group demonstrates the level of patience, coordination, and sophistication that goes into pulling off such large-scale cybercrimes.
While most people think of hacking as an instant breach, the truth is that every successful cyberattack is built on a foundation of long-term infiltration, deception, and technical expertise.
It All Starts with a Single Click – The Social Engineering Trap
Imagine this:
An engineer receives an email from a well-known tech company offering them a job. The email appears legitimate—there’s an official logo, professional language, and a PDF attachment containing the job offer.
Excited about the opportunity, the engineer downloads the PDF, unaware that it contains malicious code. The moment they open it, malware silently execute itself on their device, recording keystrokes, extracting login credentials, serving as backdoors and even stealing authentication tokens.
Just like that, the hackers have their way in.
But they don’t act immediately. Patience is key.
Months (or Even Years) of Silent Infiltration.
Cybercriminals like Lazarus don’t rush their attacks. Instead, they:
- Identify high-value targets—employees with privileged access to sensitive systems.
- Intercept login credentials and security measures like 2FA codes.
- Monitor transaction behaviors to avoid raising security alarms.
Over time, their network expands, embedding itself deeper into the organization until the perfect moment arrives.
The Bybit Hack – A Coordinated Strike
Bybit, like many crypto exchanges, implemented multi-signature security, which requires multiple approvals for any large transaction. This is meant to prevent unauthorized transfers.
However, Lazarus built a fraudulent Safe Wallet interface, deceiving Bybit’s signers into approving transactions that seemed legitimate but were actually routing funds directly to the hackers.
The signers saw the correct addresses and URLs—nothing seemed off. A hidden payload in the smart contract altered the transaction logic. This granted Lazarus full control over Bybit’s funds. By the time Bybit noticed, $1.46 billion in staked ETH and ERC-20 tokens had vanished.
What Happens After the Hack? – The Art of Crypto Laundering
Stealing funds is just one step—moving and cashing them out without getting caught is another challenge entirely.
Lazarus, backed by North Korea’s state-sponsored cyberwarfare division, has developed advanced money-laundering techniques:
- Crypto Mixers – Services that shuffle stolen funds to obscure their origin.
- DeFi Platforms – Swapping tokens without KYC requirements, making transactions almost untraceable or difficult to trace.
- Fake Identities & Money Mules – Using synthetic identities and third-party accounts to withdraw stolen assets in small increments.
In previous cases, Lazarus even sat on stolen funds for years, waiting for the right moment to move them.
Lazarus Group – A Legacy of Cyber Heists
Lazarus has been linked to over $3 billion in crypto hacks worldwide. Some of their biggest hits include:
- $625M – Axie Infinity (Ronin Bridge Hack)
Method: A senior engineer downloaded a fake job offer PDF.
Result: Hackers gained control of 4 of 9 validators, draining the network.
- $100M – Harmony Bridge Hack
- $275M – KuCoin Hack (Funds laundered through Uniswap)
- $250M – Bitfinex Hack (Funds still being laundered today)
Their operations are not just about financial gain—they allegedly help fund North Korea’s nuclear and military programs.
Lessons Learned – How to Protect Yourself from Similar Attacks
Bybit’s attack highlights a harsh truth: even the most secure systems can be breached with the right deception tactics.
Here’s how individuals and organizations can protect themselves:
- Never download unverified PDFs or software—even from “trusted” contacts.
- Use hardware security keys instead of SMS-based 2FA (which can be intercepted).
- Enable app-based authentication (like Google Authenticator) instead of SMS-based 2FA.
- Verify URLs and transaction details manually before approving transactions.
- Have a heathy dose of paranoia, apply zero-trust.
- Stay educated—cybercriminals evolve daily, and so should your security awareness.
The Bottom Line
The Bybit hack wasn’t luck or coincidence—it was a well-planned cyber operation involving deception, patience, and a global network of hackers.
Cybercrime isn’t going away—it’s getting smarter. Whether you’re an individual crypto investor or a financial institution, your best defense is constant vigilance, advanced security measures, and continuous learning.
Are we doing enough to protect ourselves?