The ByBit cryptocurrency exchange suffered a hack where $1.39 billion in ETH was stolen. The laundering process took only ten days using decentralized platforms without KYC requirements.
How the Hack Happened
Bybit confirmed that the attack occurred during the transfer of Ethereum from a cold wallet to a warm wallet. Hackers exploited security vulnerabilities, transferring the funds to an unknown address. CEO Ben Zhou assured users that their holdings remained safe and that the company would cover unrecovered losses with its assets.
FBI Confirms North Korean Involvement
The FBI officially attributed the attack to North Korean cyber actors, specifically TraderTraitor. The agency noted that some of the stolen ETH was converted into Bitcoin and other cryptocurrencies. Wallet addresses linked to the hackers have been released, with exchanges urged to block related transactions.
Efforts to Recover the Stolen Funds
Bybit is actively working to recover the stolen funds, offering a 10% bounty on any recovered assets. The company has sought assistance from cybersecurity experts and blockchain analysts, though the hackers have demonstrated highly efficient operations.
The Bybit attack highlights the growing threat of North Korean cyber operations in the crypto sector. Investigations continue with the support of the FBI and other experts.
