The FBI says North Korean hackers are responsible for a huge cryptocurrency theft – a whopping $1.5 billion! This makes it one of the biggest crypto heists ever.
Whodunnit? North Korean Hackers!
The FBI fingers two groups, TraderTraitor and the Lazarus Group, as the culprits. They allegedly used malware hidden in modified crypto trading apps to steal Ethereum and quickly convert it into other cryptocurrencies. The stolen funds were then spread across thousands of wallets on various blockchains. The FBI expects the money will eventually be laundered into regular cash.
While North Korea isn’t admitting anything, South Korean intelligence reports claim North Korea has stolen around $1.2 billion in crypto over the past five years. Apparently, this kind of theft is a crucial way for the country to get much-needed foreign cash to fund its economy and weapons programs, especially with international sanctions and border closures in place. A UN report even suggests North Korea might be behind $3 billion in stolen crypto since 2017.
Bybit’s Response and the Fallout
Bybit, the Dubai-based crypto exchange that was hit, confirmed the attack. Their CEO, Ben Zhou, even offered rewards for information leading to the recovery of the stolen funds. The attack targeted Bybit’s offline (“cold”) wallets, which are usually considered very secure. According to CertiK, a blockchain analytics firm, this is the biggest crypto hack ever.
How Did They Do It?
The hackers used some clever tricks. A phishing attack bypassed security measures, and a “blind signing” exploit tricked users into approving fake transactions. This involved a fake interface that looked exactly like the real Bybit platform.
This massive heist has sent shockwaves through the crypto world, causing a drop in prices (Bitcoin even dipped below $82,000!). Experts predict this will lead to stricter regulations for crypto exchanges and a renewed focus on security.
