• North Korean hackers stole $1.5 billion from Bybit using cyber attacks and blockchain transactions.
• The FBI is tracking stolen crypto as hackers convert funds into Bitcoin and move them across multiple addresses.
• Bybit is working with experts to secure its platform after the attack on its Ethereum cold wallet.

North Korea’s cyber group TraderTraitor has been identified as the group behind the $1.5 billion Bybit hack. The FBI confirmed the attack and stated that the stolen assets are being moved through multiple blockchain addresses. 

Some funds have already been converted into Bitcoin, raising concerns over further laundering attempts. Authorities have urged crypto platforms to block any transactions linked to the stolen funds.

Method of Attack and Security Breach

The attack targeted Bybit’s Ethereum cold wallet. Hackers drained over 400,000 ETH and transferred them to unknown addresses. Investigations reveal that the breach occurred when an attacker compromised a Safe dev’s device. This allowed the insertion of malicious code into the platform’s front-end that altered transaction parameters.

The Bybit exchange confirmed the attack but assured users that other wallets remained secure. Withdrawals continued as normal, and client funds were not affected.

Global Response and Ongoing Investigation

The stolen funds are expected to be laundered and converted into fiat currencies. This attack nearly doubles the amount North Korea stole in digital assets last year. Blockchain analytics firm TRM Labs reported that $160 million had already been funneled through accounts linked to North Korean operatives. The FBI, in collaboration with international partners, is working to track and recover the stolen assets. 

Rising Cyber Threats from North Korea

North Korea has a long history of cyber theft to fund its regime. The attack follows a similar heist in December, where a North Korean group stole $308 million from DMM Bitcoin, a Japanese exchange. Security experts predict that major exchanges will remain targets because cryptocurrency continues to hold significant financial value. 

Bybit’s team has collaborated with forensic specialists to conduct a complete breach investigation and also implement additional security enhancements. Authorities worldwide remain on high alert as North Korea’s cyber-warfare capabilities continue to expand.

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