The cryptocurrency sector is reeling from a record-breaking $1.5 billion theft from Dubai's Bybit exchange, believed to be executed by North Korean hackers. Over 400,000 Ethereum coins were taken from a Multisig Cold Wallet, a method known for secure storage. The transfer to a less secure hot wallet before the funds were moved to attackers’ wallets has raised alarms. Analysts from Elliptic suggest this incident aligns with North Korea’s ongoing strategy in cyber theft aimed at funding its weapons programs, highlighting the vulnerabilities within digital asset security frameworks.
The notification said the digital loot had been stored in a "Multisig Cold Wallet" when, somehow, it was transferred to one of the exchange's hot wallets.
Researchers for blockchain analysis firm Elliptic said that the laundering of the funds bears the signature of threat actors working on behalf of North Korea.
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