Vietnamese cybersecurity firm Verichains played a crucial role in investigating the $1.5 billion cryptocurrency hack that hit Bybit, marking one of the largest cyberattacks in crypto history.
Verichains’ Swift Response to the Attack
On February 21, hackers exploited Bybit’s cold wallet, stealing 400,000 ETH. Upon learning of the breach, Thanh Nguyen, founder of Verichains, immediately mobilized his team. Within hours, they coordinated with Bybit and flew to Dubai to analyze the incident.
Just three days later, Verichains released a detailed 28-page report, the first comprehensive analysis of the breach. Their findings confirmed that the attack originated from Safe, a third-party multisignature wallet service used by Bybit. Hackers—later linked to Lazarus Group—manipulated JavaScript code to create a fraudulent transaction, tricking Bybit’s signers into unknowingly approving the transfer.
Bybit CEO Ben Zhou praised the Verichains team, stating: “They are probably the most knowledgeable cybersecurity experts in the world. I was truly surprised and impressed when I learned they were from Vietnam.”
Who Is Verichains?
Founded in 2017, Verichains has emerged as one of the world’s leading blockchain security firms, providing security solutions for over 200 global clients, including Binance, Galaxy Digital, Polygon, BNB, Aptos, and Kakao. The company has previously assisted in handling some of the biggest crypto hacks, such as: The $600 million Binance Smart Chain bridge attack; The $650 million Ronin bridge hack affecting Sky Mavis in 2022
In March 2023, Verichains launched Revela, a tool designed to enhance blockchain transparency and security, earning high praise from industry leaders like Aptos co-founder Mo Shaikh.
Bybit’s Security Overhaul
Following the breach, Bybit has committed to major security upgrades, with CEO Ben Zhou personally overseeing cybersecurity measures.
The company is adopting “bank-level” security protocols to enhance asset protection. Weekly security reports will be reviewed at the highest level.
Bybit plans to strengthen its partnership with Verichains for ongoing security improvements.
Despite the hack, Bybit’s trading volume surged past $48 billion by February 26, with liquidity levels exceeding pre-attack figures.
“This incident is a wake-up call for the entire crypto industry. We see it as an opportunity to strengthen security and build a more resilient ecosystem,” a Bybit representative stated.
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Source: Vietnam Insider