Hackers steal $1.5 billion from exchange Bybit in biggest-ever crypto heist
NBCFEB 19
Hackers allegedly linked to North Korea's Lazarus Group have stolen $1.5B in cryptocurrency from Bybit exchange, reportedly by compromising its cold wallet system during a routine transfer process.
Blockchain analysis firms, including Elliptic and TRM Labs, traced the stolen funds, which were quickly laundered through multiple wallets and exchanges. Despite global tracking efforts, only about $43M has been recovered so far.
Bybit Chief Executive Officer Ben Zhou assured users that the exchange remains solvent and can cover the losses. The company has also offered a 10% bounty on recovered funds to incentivize security experts to help trace the stolen assets.
This is just the latest in a deluge of 21st century cyber attacks committed by North Korea. With the support of the North Korean government, cybercrime has become a lucrative and tactically effective means of undermining other nations. The West must take this seriously in order to uphold the principles of democracy and freedom.
It is not only the West that suffers in the face of cyberattacks. China, along with much of Asia, faces transnational crime challenges relating to fraud, undermining regional stability and security. However, Western powers — especially the US — have successfully peddled the illusion that China and Russia are hacking empires, while the West only acts defensively.