Bybit crypto heist: North Korea-linked Lazarus Group behind the $200 million Ethereum theft, says blockchain analytics firm Elliptic

The Bybit crypto heist surpasses a previous record in 2022 when hackers stole $620m (£490m) of Ethereum and USD Coin from the Ronin Network.

Cryptocurrency exchange Bybit suffered a major theft on Sunday, with hackers pilfering a record-breaking amount of ether tokens, as per BBC reports. The stolen tokens, valued at over $2641.41 per coin, were swiftly moved to several wallets and liquidated through different platforms, according to Bybit's statement.

Following the heist, Bybit users rushed to withdraw their crypto investments from the exchange over fears that it could face potential insolvency issues. However, Ben Zhou, CEO of Bybit, later assured users that the exchange would fully refund victims whose crypto funds in storage were affected by the hack. He also stated that Bybit is solvent and can cover the loss even if the stolen funds are not recovered.

According to blockchain analytics firm Elliptic, the attack is likely linked to the Lazarus Group, a North Korean hacking collective known for exploiting security vulnerabilities to siphon billions of dollars in stolen crypto funds. The state-sponsored hacking group is said to use advanced techniques to conceal the flow of funds and launder the stolen loot, which is also used to support North Korea's dictatorship regime. Notably, in 2017, the Lazarus Group reportedly hacked four South Korean crypto exchanges and stole $200 million in bitcoin.

Despite the recent downturn in cryptocurrency markets, large-scale thefts continue to pose a significant risk to digital assets. In 2021, hackers stole $611 million in crypto from Poly Network, and a year later, about $570 million of Binance's BNB token was stolen. The Bybit crypto heist sets a new record, surpassing the previous high in 2022 when hackers stole $620m (£490m) of Ethereum and USD Coin from the Ronin Network. In 2019, the Binance exchange itself fell victim to a major crypto heist, with hackers stealing $41 million in Bitcoin. (Indian Express)