Crypto: Could Bybit hackers be linked to the latest Solana scams?

The Lazarus group, the main suspect in the historic hacking of Bybit estimated at $1.4 billion, is also believed to be involved in recent memecoin scams on Solana, notably via the Pump.fun platform, according to findings from blockchain investigator ZachXBT.

Lazarus Exploits Solana After Bybit’s Record Theft

On February 21, 2025, Bybit was the victim of a massive attack, losing over $1.4 billion in liquid Ether (stETH), Mantle Staked ETH (mETH), and other digital assets. The hackers compromised the platform’s cold wallet by using a fake smart contract that tricked the multi-signature security system.

The investigations conducted by Arkham Intelligence quickly pointed to the North Korean Lazarus group. A major turning point occurred on February 22, when ZachXBT discovered a transfer of $1.08 million to Solana from address 0x363908df2b0890e7e5c1e403935133094287d7d1, revealing a direct connection to the Pump.fun platform.

“I have made public over 920 addresses receiving funds related to the Bybit hack and noticed that a person laundering for the Lazarus group had previously launched meme coins via Pump Fun,” ZachXBT stated in a Telegram message on February 23.

Implications for the Entire Crypto Ecosystem

ZachXBT’s investigation identified over 920 addresses involved in laundering funds from the Bybit hack. More surprisingly, the investigator discovered that a person linked to the Lazarus group had already orchestrated fraudulent memecoin launches via Pump.fun.

This revelation comes as the Solana ecosystem is going through a particularly difficult period. The collapse of the Libra token, supported by Argentine President Javier Milei, recently rocked the network. Insiders allegedly diverted over $107 million, causing a 94% drop in price and wiping out $4 billion in market capitalization.

The impact on Solana is significant: the MEME index shows a negative rate of -5.9%, and network activity has dropped by 40%, going from 15.6 million active addresses in November 2024 to 9.5 million in February 2025.

In summary, the Lazarus group continues to be a major threat to the crypto ecosystem, having already stolen $1.34 billion in digital assets in 2024, marking a 102% increase compared to 2023. This situation prompted the U.S., Japanese, and South Korean governments to issue a joint warning, highlighting the international scope of the threat.