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Lazarus Group Linked to $1.4B Bybit Hack and $29M Phemex Breach
In a shocking revelation, blockchain analysts have linked the recent Bybit hack worth $1.4 billion and the $29 million breach at Phemex to none other than North Korea’s notorious Lazarus Group.
The unprecedented $1.4 billion Bybit hack, which occurred on February 21, has sent shockwaves throughout the cryptocurrency community. The sheer scale of the theft has pushed the total amount stolen in crypto thefts for 2024 to an astonishing figure of over $2.3 billion, a staggering 102% increase from the previous year.
While some may have thought that such an enormous loss would lead to widespread panic and chaos within the cryptocurrency ecosystem, it seems that the Lazarus Group has merely refined its tactics in order to pull off these massive heists.
The Bybit hack is particularly noteworthy due to its level of sophistication. Hackers were able to trick exchange signers into approving a smart contract change, effectively giving them control over Bybit’s Ethereum multisig cold wallet. This breach bears an eerie resemblance to the $230 million WazirX hack, further solidifying the link between this attack and Lazarus Group.
In a separate incident that has equally raised eyebrows, another major cryptocurrency exchange, Phemex, fell victim to a devastating $29 million heist in January. While some may have initially dismissed this breach as an isolated event, recent findings reveal that the same malicious actors were behind both hacks.
As authorities continue to investigate these breaches and work towards identifying those responsible, it is crucial for the community to take notice of the Lazarus Group’s escalating cyber attacks. These breaches serve as a stark reminder of the devastating consequences of complacency when it comes to security measures within our industry.
With Bybit losing an astonishing $1.4 billion in assets, it is imperative that we come together to strengthen our defenses against these sophisticated cyber threats.
Source: cryptonewsland.com
