North Korean Hackers Execute Record $1.5 Billion Cryptocurrency Heist

The Lazarus Group exploited a vulnerability in Bybit's cold wallet system, prompting global efforts to recover stolen funds and curb laundering.

The Lazarus Group, a North Korean state-sponsored hacking collective, stole $1.5 billion in Ethereum from Bybit, marking the largest cryptocurrency heist in history.
The hackers infiltrated Bybit's Ethereum cold wallet by injecting malicious code into Safe Wallet's infrastructure, exploiting a security flaw during a routine funds transfer.
Stolen assets are being rapidly laundered through thousands of cryptocurrency wallets and exchanges, with some funds already converted to Bitcoin and other tokens.
The FBI has officially attributed the attack to North Korea, urging crypto firms to block transactions linked to 51 identified wallet addresses associated with the theft.
Bybit has offered a $140 million bounty for information leading to the recovery of funds, while investigators and exchanges have already frozen a portion of the stolen assets.