Bybit CEO Ben Zhou at the Token2049 conference in Singapore on Thursday, September 14, 2023.
Joseph Nair | Bloomberg | Getty Images
Bybit, a major cryptocurrency exchange, has been hacked by hackers of $1.5 billion in digital assets, estimated to be the largest crypto robbery in history.
The attack damaged Bybit’s Cold Wallet, an offline storage system designed to be secure and secure. The stolen funds are mainly etherquickly transfer to multiple wallets and cleared through various platforms.
“Please rest assured that all other cold wallets are safe,” Ben Bybit CEO Zhou posted on X. “All withdrawals are normal.”
Blockchain analytics companies including Ellipse Chain and Arkham Intelligence will track stolen cryptocurrencies when transferred to various accounts and downloaded quickly. Hackers far outpace the department’s previous thefts, According to the ellipse. These include $611 million stolen from Poly Network in 2021 and $570 million exhausted from Binance in 2022.
Elliptic analysts then linked the attack to North Korea’s Lazarus Group, a state-sponsored hacker group to sneakily steal billions of dollars from the cryptocurrency industry. The group is known for exploiting security breaches to fund the North Korean regime, often using sophisticated money laundering methods to mask the flow of funds.
“We have marked the thief’s address in the software to help prevent these funds from being cashed through any other exchange,” Elliptic’s chief scientist Tom Robinson said in an email.
When users are concerned about potential bankruptcy, the violation immediately triggers a large number of evacuations. Zhou said the outflow has stabilized. To ensure the customer, he announced that Bybit has received a bridge loan from an undisclosed partner to compensate for any irrevocable losses and maintain operations.
Lazarus Group’s history of targeting crypto platforms dates back to 2017, when the group infiltrated four South Korean exchanges and stole $200 million worth of Bitcoin. As law enforcement agencies and cryptocurrency tracking companies work to track stolen assets, industry experts warn that mass theft remains a fundamental risk.
“The more difficult it is for us to benefit from crimes like this, the less frequent they are.” Write in a post.
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