North Korean Hackers Linked to Major Crypto Theft at Bybit Platform

amsterdam - The notorious North Korean hackers Lazarus are linked to 'the biggest crypto theft ever' at Bybit platform, following thefts at Mt Gox, Ronin, Poly, and Bitfinex.

North Korean Hackers Linked to Major Crypto Theft

The infamous North Korean hackers group, Lazarus, is suspected to be behind what is being called 'the biggest crypto theft ever' at the Bybit platform. Although there is not yet 100% conclusive evidence, research from ZachXBT suggests a meticulously planned hack at the Dubai-based platform.

The hackers primarily targeted ethereum coins, the second most traded type after bitcoin. Using a normal coin transfer between wallets, the hackers managed to steal $1.46 billion, swiftly distributing the funds across forty wallets.

The attackers eventually transferred the coins to a cold wallet, not connected to the internet, which has not been located yet.

The attack appeared to involve blind signing, where a user clicks 'agree' without full knowledge of the action, resulting in a series of transactions being initiated. Lazarus was able to bypass the platform's security measures by implanting malware software to take full control of the transaction approval process.

Bybit, formerly sponsored by Red Bull, assured customers that their funds are secure and that they have enough reserves in other wallets to reimburse any losses incurred. Bybit's CEO, Ben Zhou, stated that the platform is financially sound and can cover the losses even if they are not recovered.

Lazarus, which started as a criminal gang and now operates as a professional entity from Pyongyang since 2010, has a history of cyber attacks on banks, crypto exchanges, and government institutions globally. Despite increased security measures, Lazarus managed to breach Bybit's defenses on Friday.

Previous notable attacks by Lazarus include the 2014 Sony Pictures breach and the WannaCry ransomware attack in 2017.

Following the recent hack at Bybit, ethereum's value dropped by almost 5% on Friday. In a show of support, Bitget deposited $40,000 worth of ethereum on the platform to prevent customer exodus. Other smaller providers followed suit.

On Saturday, major cryptocurrencies were trading in the red, with ethereum losing 2% and valued at $2735.