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Crypto Industry Collaboration in the Wake of the Bybit Theft
The crypto market is no stranger to major hacks, but the recent Bybit theft set a staggering new record. North Korea-affiliated hackers from the notorious Lazarus Group drained approximately $1.5 billion in ETH from the crypto exchange. Unlike previous disasters involving FTX, Celsius, or Terra, Bybit managed to avoid collapse thanks to swift and coordinated industry collaboration.
Facing a potential liquidity crisis, Bybit secured emergency support from key crypto firms, includingBinance, Bitget, and Galaxy Digital. Through transparency, decisive action, and collective efforts, the company demonstrated how strong industry collaboration could help exchanges weather even the most severe attacks.
Binance CMO Rachel Conlans commented on recent cyber attacks in the crypto industry, “The evolving nature of cyber threats in the crypto industry reinforces the need for exchanges and custodians to continuously strengthen their security frameworks. As threats continue to grow in sophistication, so must our defenses. The recent attack was a phishing attack on the UI system, underscoring the importance of securing all aspects of any exchange’s infrastructure, including user interfaces, to protect against such sophisticated threats. This is a wake-up call for the industry to implement multi-layered security, real-time threat detection, and robust risk mitigation strategies.
Conlan added, “In the crypto world, trust and security are the cornerstones of crypto adoption, and it is critical that platforms work proactively to keep ahead of emerging risks, guaranteeing user safety and safeguarding user accounts remains the top priority.”
How the Bybit Hack Unfolded
In the following sections, we’ll explore exactly how the Bybit hack happened and examine how the crypto exchange navigated the crisis. Let’s dive in!
The Attack
The hack began with a targeted compromise of AWS session tokens belonging to a developer at Safe, Bybit’s multisig wallet provider. Lazarus hackers exploited this access by injecting malicious JavaScript code into Safe’s frontend user interface. According to Safe’s detailed post-mortem report, this compromised interface tricked Bybit’s team into signing what appeared to be a legitimate wallet transaction but was in fact unauthorized.
As a result, Bybit inadvertently approved the transfer of roughly 401,000 ETH—valued at nearly $1.5 billion—to wallets controlled by the hackers. To obscure their trail, the attackers quickly dispersed these funds through numerous intermediary addresses. This strategy, common among sophisticated cybercriminals, aimed to confuse blockchain analysts and hinder tracing efforts.
The hackers then converted portions of the stolen ETH into other cryptocurrencies, such as BTC and DAI. They utilized decentralized exchanges, cross-chain bridges, and no-KYC instant swap services to move assets between different blockchains and obscure transaction paths.
Interestingly, the Lazarus Group initially kept a substantial portion of the funds dormant across multiple wallets. North Korean hackers often use this tactic to avoid immediate detection and strategically delay their laundering operations. However, within just ten days following the theft, they successfully laundered 100% of the stolen crypto—approximately $1.4 billion.
Bybit’s Response
Bybit’s rapid reaction to the hack proved critical. Within minutes of detecting the breach, the exchange isolated the compromised cold wallet, halting further unauthorized transfers. A forensic investigation was immediately launched, involving blockchain analytics firms, cybersecurity specialists, and law enforcement to track the stolen assets.
To prevent similar incidents in the future, Bybit partnered closely with Safe to overhaul its multisig wallet security protocols. The exchange also implemented stricter manual verification processes for high-value transactions and enhanced its wallet infrastructure. These decisive actions helped restore user confidence and stabilize the situation.
Despite the enormous loss, Bybit reassured customers that all funds remained fully backed and accessible. Notably, the exchange kept withdrawals open, sending a strong signal of transparency. This crucial step helped prevent panic and maintained user trust during an uncertain period.
How Industry Collaboration Helped Bybit Survive the Aftermath of the Attack
Collaboration with leading crypto firms was vital in quickly securing Bybit’s financial stability. Within just 72 hours, the exchange raised emergency liquidity, totaling 447,000 ETH through loans and support from Binance, Bitget, and Galaxy Digital. By strategically injecting liquidity rather than purchasing Ether on the open market, Bybit prevented price volatility and rapidly replenished its reserves.
Transparency remained central to Bybit’s recovery efforts. CEO Ben Zhou publicly addressed users through a live-streamed Q&A just 30 minutes after the breach became public knowledge. In the following days, Zhou continued providing daily updates on fund recovery, security enhancements, and internal investigations.
To further reassure users, Bybit completed a full proof-of-reserves audit on February 24. The audit independently verified the exchange’s solvency and confirmed that user assets were backed 1:1. This proactive transparency set a new industry standard for crisis management following major hacks.
Blockchain’s inherent transparency also supported recovery efforts. Public transaction records enabled industry participants and authorities to swiftly trace stolen assets. Through rapid coordination with global exchanges and regulators, more than $40 million worth of the stolen crypto was successfully frozen—highlighting the value of real-time industry cooperation.
This collaboration extended beyond immediate recovery. Bybit continued working closely with law enforcement agencies and cybersecurity experts to seize additional assets and identify the attackers. These unified efforts underscored the crypto industry’s growing maturity and commitment to security.
Ultimately, Bybit’s crisis highlighted the increasing importance of collective action. With hackers becoming more sophisticated, industry-wide coordination, transparency, and swift response capabilities are more critical than ever. Bybit’s survival serves as a powerful example of how effective collaboration can help crypto companies overcome even the most severe security threats.
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Gaming
Bluestone FY26 revenue rises to Rs 2,436 crore, turns profitable
Q4 profit at Rs 31 crore, full-year profit at Rs 13 crore vs loss last year.
MUMBAI: From sparkle to numbers, Bluestone seems to be polishing more than just jewellery this year. Bluestone Jewellery and Lifestyle Limited reported a sharp turnaround in FY26, with revenue from operations rising to Rs 2,436 crore (Rs 24,364 million), up from Rs 1,770 crore (Rs 17,700 million) in FY25. The company posted a full-year profit of Rs 13 crore (Rs 131.79 million), a significant recovery from a loss of Rs 222 crore (Rs 2,218 million) a year ago.
Total income for the year stood at Rs 2,486 crore (Rs 24,860 million), compared to Rs 1,830 crore (Rs 18,300 million) in the previous year, reflecting both topline growth and improved operational momentum.
The March quarter, however, told a more nuanced story. Revenue from operations came in at Rs 681 crore (Rs 6,814 million), down from Rs 748 crore (Rs 7,486 million) in the year-ago period, though higher than Rs 461 crore (Rs 4,613 million) in the preceding December quarter. Net profit for Q4 stood at Rs 31 crore (Rs 311.81 million), compared to Rs 68 crore (Rs 688 million) a year earlier, but a clear reversal from a loss of Rs 51 crore (Rs 512 million) in Q3.
Margins were shaped by higher input costs, with raw material consumption rising to Rs 2,204 crore (Rs 22,043 million) for the full year, alongside employee benefit expenses of Rs 282 crore (Rs 2,824 million) and finance costs of Rs 210 crore (Rs 2,104 million). Other expenses came in at Rs 371 crore (Rs 3,715 million), slightly lower than Rs 393 crore (Rs 3,938 million) in FY25.
On the balance sheet front, total assets expanded to Rs 4,961 crore (Rs 49,610 million) as of March 31, 2026, from Rs 3,532 crore (Rs 35,322 million) a year earlier, driven largely by a surge in inventories to Rs 2,672 crore (Rs 26,718 million). Equity also strengthened to Rs 1,803 crore (Rs 18,030 million), nearly doubling from Rs 911 crore (Rs 9,107 million).
Cash flows reflected the cost of growth. Net cash used in operating activities stood at Rs 199 crore (Rs 1,990 million), while investing activities saw an outflow of Rs 239 crore (Rs 2,392 million). Financing activities, however, generated Rs 497 crore (Rs 4,971 million), helping the company end the year with cash and cash equivalents of Rs 108 crore (Rs 1,075 million), up from Rs 49 crore (Rs 487 million).
Earnings per share for FY26 came in at Rs 1.10, a sharp improvement from a negative Rs 79.74 in FY25, underlining the shift from losses to profitability.
With revenue scaling up, costs still glittering on the higher side, and profitability finally back in the black, BlueStone’s FY26 performance suggests a business mid-transition less about shine alone, and more about sustaining it.
