North Korea Linked to $1.4 Billion Bybit Crypto Heist: Researchers Uncover Shocking Allegations

North Korea Linked to $1.4 Billion Bybit Crypto Heist: Researchers Uncover Shocking Allegations

In a groundbreaking event in the world of cryptocurrency, hackers have successfully stolen approximately $1.4 billion in Ethereum from the crypto exchange Bybit, marking it as the largest crypto heist to date. This incident has raised alarms and questions within the crypto community, particularly concerning the potential involvement of North Korea’s notorious hacking group, known as the Lazarus Group.

The Investigation Begins

Shortly after the hack, blockchain monitoring firms and cryptocurrency investigator ZachXBT pointed towards the Lazarus Group as the primary suspect. Within hours of detecting anomalies, ZachXBT identified a pattern linking the stolen assets to previous hacks involving exchanges like Phemex, BingX, and Poloniex, all of which have connections to North Korean cyber activities.

Evidence of North Korean Involvement

ZachXBT expressed complete confidence in attributing the hack to North Korea, stating, “100%,” and emphasized that law enforcement agencies share this perspective. Following up on this, Elliptic, another blockchain monitoring firm, corroborated these findings. They noted:

  • Elliptic’s team has been actively tracking the stolen funds.
  • The company is collaborating with Bybit and other investigators to prevent further benefit to the North Korean regime.
  • Analysis of the laundering techniques used aligns with the patterns established by the Lazarus Group.

North Korea’s Notorious Hacking Record

According to a United Nations panel, North Korea has been linked to at least 58 crypto heists. Recent reports from the United Nations, the United States, Japan, and South Korea suggest that the Kim Jong-Un regime has successfully stolen over $650 million through various cyber crimes in 2024 alone.

Insights from Experts

Tom Robinson, co-founder and chief scientist at Elliptic, provided further insights into the attribution of the Bybit hack. He noted:

  • The stolen funds are being mixed with assets from other known North Korean thefts.
  • The laundering methods observed are consistent with previous DPRK activities.
  • Additional undisclosed factors contribute to their high confidence in this attribution.
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Ongoing Investigations and Responses

Blockchain intelligence firm TRM Labs has also stated, with high confidence, that North Korea is behind the Bybit hack, reinforcing the growing consensus among experts. In response to inquiries, Bybit spokesperson Tony Au refrained from commenting on the North Korean connection, citing ongoing investigations.

As for North Korea’s Permanent Mission to the United Nations, there has been no response regarding the allegations.

For ongoing updates about cryptocurrency security and hacks, stay tuned to our dedicated sections on crypto security and latest news.

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