North Korean Hackers Steal $1.4B in Largest Crypto Heist Ever | Airdrop Alert Pro

Hacker stole one, and the crypto world caused controversy Bybitt’s astonishing $1.4 billion February 21, making it the largest cryptocurrency hack in history. The attack allows cybercriminals to control Bybit’s Ether Multisig Cold Wallet, which has been with North Korea’s Lazarus Group. In The End News, North Korean hackers have begun stolen money from Bybit, and blockchain intelligence firm Oval tracks more than $140 million in suspicious transactions. What’s interesting is ReportAttackers mainly use decentralized communication and anonymous encryption services to overwrite their tracks, and then convert stolen assets into bitcoin. The whole process is so complicated that it is difficult for authorities to track down stolen funds.

Bybit Hack, held on Friday, has now been confirmed as the largest crypto theft in history, with $1.46 billion stolen primarily in Ethereum. That’s more than the 2021 Poly Network Hack, which was stolen by $611 million. Attackers linked to North Korea’s Lazarus Group quickly spread the stolen ETH in 50 wallets, each containing about 10,000 ETH. Since then, funds have been moved, swapped for Ethereum-based assets, and are now being converted to Bitcoin, making tracking and recovery efforts even more challenging.

Oval suggests that if hackers follow their usual tricks, they may soon try hiding stolen money with a bitcoin blender, which makes it difficult to track transactions. However, it is not easy to move such a large number of stolen cryptocurrencies. Blockchain experts and law enforcement are paying close attention, which makes it difficult for hackers to cash out without being caught.

bybit faces large-scale extraction

After the violation, Baybit users were eager to withdraw their funds, worried about further security risks. According to Arkham Information dataabout 23,000 BTC ($1.7 billion) has been withdrawn from Bybit’s hot wallet, reducing its Bitcoin reserves from 70,000 BTC to just over 52,000 BTC. Bybit has had more than $6 billion in cryptocurrency outflows since the hack, which has raised concerns about platform liquidity.

Despite feeling panic, Bybit, CEO of Ben Zhou Rest assured to users that the exchange is still solvent and there is no loss of customer funds. After the attack, more than 350,000 withdrawal requests were processed, indicating the platform’s ability to handle large outflows.

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Trouble with exchange?

Elliptical chain and blockchain researchers zachxbt have defendant Although BYBIT is directly required to block transactions, crypto transactions exchange for processing “ten millions of dollars” of funds. However, Tone denies any misconduct, claiming that the allegations are false and based on bias against privacy-centric exchanges. They also noted that some of the processed funds will be donated to the open source privacy program.

Hackers may experience difficulties in cashing out loot through blockchain security teams and law enforcement closely monitor stolen funds. But North Korea’s Lazarus Group has a history of successfully washing cryptocurrencies, raising concerns about their ability to evade detection again.

An investigation on the matter is still ongoing and whether more funds will be recovered remains to be seen.