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$1.4 billion Crypto Heist said to be linked to North Korean hackers

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Blockchain security analysts have identified North Korean Lazaro group as the main suspect in the robbery.

BYBIT, the world’s second largest cryptocurrency exchange, said on Friday that hackers stole over $1.4 billion in digital assets that could become the only largest crypto robbery in their 15-year history. I did.

The Dubai-based company has announced the daily transfer of ETHEREUM (ETH), the second largest cryptocurrency after Bitcoin, from offline “cold” wallets to “warm” wallets that cover daily transactions. ) said that a violation occurred while being routinely transferred.

The transfer process involved multiple security checks and signatures, but hackers were able to mask the real destination of the fund before it disappeared.

“Unfortunately, this transaction is manipulated by a sophisticated attack that obscures the signature interface, displaying the correct address while modifying the underlying smart contract logic,” Bybit said in a post on social media platform X. Ta.

“As a result, the attacker was able to gain control of the affected ETH cold wallet and transfer its holdings to an unidentified address.”

Bybit co-founder and CEO Ben Zhou has reassured customers that their funds are safe and that the exchange will fully refund those affected.

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“Even if the losses from this hack have not recovered, all of our client assets are 1-1 support. We can cover the losses,” Zhou wrote to X.
“Ensure that all other cold wallets are safe,” he wrote in another post, highlighting that all drawers are working fine. “If any teams can help track stolen funds, they’ll be appreciated.”
Blockchain security analysts, including Elliptic and Arkham Intelligence, have tracked the attacks on the Lazarus Group, an infamous cybercriminal gangster allegedly run by the North Korean government.
Independent investigator ZachxBT further linked the Bybit Hack to the January 23 attack on Phemex. According to Zachxbt, digital wallets related to the same Lazarus group were used in both attacks.
The Lazarus Group has been accused of carrying out dozens of cryptocurrency robberies to generate illegal revenue from North Korea’s carefully selected communist regime. In 2024, Google identified North Korea as “arguably one of the world’s leading cybercriminal companies.”

The scale of code theft caused by North Korea has skyrocketed dramatically. According to blockchain intelligence company Chain Orisis, North Korean hackers stole $1.34 billion worth of digital assets over 47 individual cases in 2024, and more than $660 million stolen in 2023 I’ve more than doubled it. Over 2024, over 20% of all hacking incidents that year.

Chain Orisis also points out that attacks that generated more than $100 million have occurred considerably more frequently than in 2024 than in the past few years. The change could mean that North Korean cybercriminals are “better and faster with massive exploitation,” the report said.
On January 14, US, Japanese and South Korean governments issued warnings about North Korea’s escalating cybercrime campaign. The three countries accused Pyongyang of using stolen digital assets to fund its nuclear and ballistic missile programmes.

As part of their warning, they urge the private sector to carefully consider recommendations from their respective authorities, strengthen cybersecurity measures and reduce the risk of unconsciously hiring North Korean IT workers. do.

DPRK’s cyber programme “poses a significant threat to the integrity and stability of the international financial system,” the statement mentions North Korea’s official name as the Democratic Republic of South Korea.

“Our three governments work together to prevent theft from civilian industries to prevent theft by DPRK and reject DPRK’s illegal revenues for illegal weapons in mass destruction and ballistic missile programs. We will collect the stolen funds with a goal.”



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