In a major cybercrime event, hackers stole approximately $1.4 billion worth of Ethereum from the cryptocurrency exchange Bybit on Friday, marking the largest crypto heist in history.
Multiple blockchain monitoring companies, including Elliptic and ZachXBT, a prominent crypto investigator, have identified North Korea’s Lazarus Group as the likely perpetrator.
ZachXBT traced the stolen funds to wallets linked to previous attacks on Phemex, BingX, and Poloniex, all attributed to North Korea. He stated with “100%” confidence that the Lazarus Group was responsible.
Elliptic’s analysis also supports the North Korean connection, citing the “characteristic pattern” of laundering techniques used by Lazarus Group. The company is collaborating with Bybit and other investigators to prevent the regime from profiting from the stolen funds.
According to a United Nations panel, North Korean hackers have been involved in over 58 crypto heists, including $650 million stolen in 2024.
Elliptic’s co-founder, Tom Robinson, noted that the funds from the Bybit hack are being mixed with those from other North Korea-linked thefts. TRM Labs also concluded that the Lazarus Group was behind the Bybit attack.
Bybit spokesperson Tony Au declined to comment on the North Korea connection, stating that the investigation is ongoing. North Korea’s Permanent Mission to the United Nations has not responded to requests for comment.
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