North Korea Behind Bybit's Record $1.4 Billion Hack
Is North Korea Behind Bybit's Record-Breaking $1.4 Billion Hack?
One of the largest cryptocurrency hacks in history has just happened, with over $1.4 billion worth of Ethereum (ETH) stolen from the Bybit exchange .
According to data from Arkham Intelligence , traces on the blockchain suggest that the North Korean government-backed hacker group Lazarus may have been the culprit.
The Sign That Points to Lazarus
On-chain data compiled by analyst ZachXBT has revealed links between the Bybit hack and a series of previous attacks carried out by Lazarus. Evidence includes:
Test transactions before the attack took place
Cryptocurrency wallets linked to previous hacks
Timing and graph forensics
With this information, Arkham has awarded a $30,000 reward to ZachXBT for identifying the hacker group behind the incident.
Is North Korea Dominating the Cryptocurrency Hacking Industry?
The Lazarus group has long been known for its sophisticated cryptocurrency attacks. According to Chainalysis , the group accounted for 61% of all cryptocurrency stolen in 2024 , or $1.3 billion . Common attack methods include:
Phishing attacks to steal login information
Exploiting vulnerabilities on blockchain
Using fake identities to infiltrate cryptocurrency companies
In particular, in just one day , Lazarus stole more money than they had taken in the entire previous year .
Does Bybit Have a Chance to Recover Lost Funds?
Bybit described the hack as a sophisticated attack , in which hackers disguised the receiving wallet address to fool the system.
However, many question whether Bybit employees may have fallen for a phishing trap instead of a highly technical attack as the company claims.
Although the 2016 Bitfinex hack was investigated and some of the stolen funds were recovered, for North Korea, the chances of getting the money back are almost zero .
The country is not subject to any international pressure and continues to leverage cryptocurrencies to evade sanctions .
This hack could be a major warning to the entire cryptocurrency industry about how dangerous state-sponsored hacker groups can be .
The country is not subject to any international pressure and continues to leverage cryptocurrencies to evade sanctions .
This hack could be a major warning to the entire cryptocurrency industry about how dangerous state-sponsored hacker groups can be .