Unchained The Chopping Block: ETH Denver, EF Silviculture Society, Lazarus Group Has Skills - Ep. 792
31 snips
Mar 2, 2025 A stunning $1.5 billion hack of Bybit is unraveled, revealing North Korea's Lazarus Group and their laundering methods using THORChain. At ETH Denver, an unsettling identity crisis is highlighted with the Ethereum Foundation's eccentric 'Silviculture Society' drawing community outcry. Meanwhile, memecoins face a severe downturn, as they're declared collectibles, and a bizarre bankruptcy auction involving a meme coin adds to the chaos. The discussion captures the evolving dynamics and ethical dilemmas within the cryptocurrency realm.
AI Snips
Chapters
Transcript
Episode notes
Bybit Heist
- North Korea's Lazarus Group stole $1.5B from Bybit by exploiting Gnosis Safe's front end, not Bybit itself.
- Bybit reimbursed users, but this highlights Lazarus Group's skill and Gnosis Safe's vulnerability.
Lazarus Group's Strategy
- Lazarus Group likely waited for a large enough opportunity to exploit the Gnosis Safe vulnerability.
- Storing large sums in smart contract wallets, especially for exchanges, is fundamentally unsafe.
Transaction Verification
- Verify transactions locally using available scripts to prevent similar attacks.
- This compares the signed hash with the intended transaction, enhancing security.