Browsing: Lazarus Group

North Korean hackers from the Lazarus Group have stolen a record $1.5 billion from the Bybit crypto exchange, circumventing a security system considered one of the safest in the industry. The attack has raised alarms about the vulnerability of even “cold” storage wallets and the potential use of stolen funds to support the Kim Jong-Un regime’s nuclear weapons program.

Christopher Perkins and J. Christopher Giancarlo propose a modern revival of privateering, empowering the private sector to combat state-sponsored crypto hackers and protect the digital economy.

Hackers targeted Bybit’s cold wallet, stealing primarily Ethereum tokens in what is being called the largest crypto heist to date.

The FBI has linked the North Korean Lazarus Group to the theft of $1.5 billion from crypto exchange Bybit, with the funds being laundered to evade tracing efforts.