On October 13, 2023, one of the largest thefts in cryptocurrency history was recorded. North Korean hackers stole $1.5 billion from the cryptocurrency exchange ByBit.
How the Hack Happened and Where's the Fund?
ByBit, the world's second-largest cryptocurrency exchange serving over 60 million users, confirmed the attack last Friday. The attack occurred when a developer's device was compromised, allowing attackers to inject malicious code and alter transaction parameters. Funds from an Ether cold wallet were stolen, but other wallets remained secure. About $160 million of the stolen assets have already been funneled through accounts linked to North Korean operators.
North Korea’s Growing Cyber Crimes
North Korea has long resorted to cyber theft as a source of finance. FBI's recent findings confirm the continuation of this practice. Experts warn that with the ever-increasing value of cryptocurrencies, North Korean hackers will continue to target major exchanges.
The ByBit theft serves as a reminder of the risks associated with cryptocurrency investments. As technology develops, it's crucial to enhance security measures and be prepared for potential attacks.
