North Korean hackers stole $1.5 billion from a Dubai crypto exchange during asset transfer
Kyiv • UNN
Crypto exchange Bybit lost $1.5 billion due to a hacker attack while moving Ethereum between wallets. According to Arkham Intelligence, the North Korean group Lazarus is behind the hack.
Announcements of the hack led to a sharp increase in withdrawal requests. This was reported by UNN with reference to Associated Press.
Details
Bybit, a major Dubai-based cryptocurrency exchange, recently announced that it had been hacked – the company lost $1.5 billion. The fraud occurred during a routine transfer of Ethereum from a "cold wallet" (offline storage) to a "hot wallet" (used for daily trading). The hacker exploited a security flaw and transferred the assets to an unknown address.
North Korean hackers are under suspicion
Crypto research group Arkham Intelligence attributes the theft to a North Korean hacking group known as Lazarus Group. Lazarus Group is a notorious cybercrime group linked to the North Korean government that has been carrying out cybercrimes since 2009.
Among its most notable attacks is the 2014 hack of Sony Pictures in retaliation for the release of the film "The Interview," which parodied North Korean leader Kim Jong Un.
Due to the unprecedented attack, the number of withdrawal requests has significantly increased, but Bybit is trying to calm this wave of distrust.
Bybit CEO Ben Zhou issued a statement in which he sought to assure users that client funds remain safe and that the company is solvent.
We can cover the losses
The company acknowledged that news of the hack led to a sharp increase in withdrawal requests, and accordingly, there may be delays in their processing.
Bybit has appealed to the global cybersecurity community, offering a reward of 10% of the recovered amount, which could amount to $140 million in the event of full recovery.
Zhou also said that the platform is cooperating with international authorities, including the Singapore Police Department and Interpol.
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