Hackers stole approximately $1.4 billion worth of Ethereum cryptocurrency from the Bybit exchange, marking the largest crypto heist in history.
Following the theft, several blockchain monitoring companies and prominent crypto investigator ZachXBT linked the hackers to North Korea's Lazarus Group. ZachXBT stated that, just hours after the hack, he tracked the stolen cryptocurrency to wallets associated with previous attacks, including those linked to exchanges like Phemex, BingX, and Poloniex.
Blockchain monitoring firm Elliptic reached the same conclusion, stating that it had worked around the clock to trace the stolen funds and prevent North Korea from benefiting from them. They noted that the laundering methods used in this heist were consistent with those typically employed by North Korean hackers.
North Korea is notorious for its involvement in crypto heists. According to a United Nations report, North Korean hackers have been linked to over 58 crypto thefts. Governments of the United States, Japan, and South Korea reported that North Korea stole over $650 million in crypto through various attacks in 2024.
Tom Robinson, Chief Scientist of Elliptic, explained that the stolen funds were mixed with proceeds from previous North Korean attacks, which led them to attribute the hack to North Korea. He also pointed out that the laundering techniques used were very similar to those seen in past North Korean heists.
Blockchain intelligence firm TRM Labs also expressed high confidence that North Korea was behind the Bybit hack.
Bybit spokesperson Tony Au declined to comment on the North Korea connection, stating that the investigation was ongoing.
North Korea's Permanent Mission to the United Nations did not respond to TechCrunch's request for comment.
