North Korean Hackers Suspected in Record $2 Billion Crypto Heist
In a dramatic escalation for the digital currency world, authorities suspect North Korean cybercriminals of orchestrating what is being called the largest crypto theft in history. The Dubai-based cryptocurrency exchange Bybit confirmed that hackers managed to gain unauthorized access to an Ethereum wallet, transferring all of its assets to an unidentified account.
Blockchain analytics firm Arkham Intelligence has linked the attack to North Korea’s Lazarus Group, citing evidence gathered by an independent researcher. While the allegations have raised alarm, official confirmation of the group’s involvement remains pending.
Bybit’s CEO, Ben Zhou, reassured users that despite the significant loss, the exchange remains financially secure. Zhou emphasized that every client asset is fully backed, and noted that over 350,000 withdrawal requests were processed immediately following the breach. In response, Bybit has reported the incident to law enforcement and is collaborating with on-chain analytics experts to trace the stolen funds.
Founded in 2018, Bybit has quickly become a major player in the cryptocurrency market, currently managing approximately $29 billion in assets and offering a wide variety of digital currencies. The incident has also had broader market repercussions, with the value of Ethereum dropping by around 4% on the day of the theft.
This event is the latest in a series of high-profile cryptocurrency heists. In previous years, North Korean hackers have been linked to significant crypto losses, with estimates reaching $1.2 billion last year and $2.68 billion in 2022, according to various threat intelligence sources. Historical incidents, such as a $63 million bitcoin theft from Binance in 2019 and a $415 million breach at Mt. Gox in 2014, underscore the ongoing challenges of digital security in the crypto industry.
Authorities continue to investigate the incident as the crypto community awaits further updates on the progress of the investigation and the recovery of the stolen funds.
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