Ben Zhou, Chief Executive Officer of Baibit, during the Tokeen2049 conference in Singapore, on Thursday, September 14, 2023.
Joseph Nair | Bloomberg | Getty images
A major cryptocurrency exchange, baibit has been hacked to a tune of $ 1.5 billion in digital assets, which is expected to be the largest crypto host in history.
The attack compromised on the bite’s cold wallet, an offline storage system designed for safety. Stolen funds, mainly in EtherQuickly moved to several wallets and became liquid through various platforms.
“Please be sure that all other cold wallets are safe,” Ben Bybit CEO Jhou posted on x“All clearances are normal.”
Blockchain analysis firms, including elliptical and arkham intelligence, discovered the stolen crypto as it was moved to various accounts and was rapidly offloaded. Hack crosses the previous theft in the area from a distance, Eggs according toWhich stole $ 611 million from poly network in 2021 and is priced at $ 570 million BNB token of Binenns Stolen in 2022.
Eliptic analysts later connected the attack from the Lazarus Group of North Korea, which is notorious for billions of dollars from the Cryptocurrency industry. The group is known to take advantage of security weaknesses to finance North Korea’s rule, often use refined laundering methods to obscure the flow of money.
“We have labeled the thieves’ addresses in our software, so that these funds can be helped to prevent cash-outs through any other exchanges.”
Breach immediately triggers a crowd of withdrawals from the baibit as users were expected to have a possible bankruptcy. Jhou said that the outflow had stabilized. To assure customers, he announced that bybit has obtained a bridge loan from undeclared partners to cover any unavoidable loss and maintain operation.
The history of targeting the crypto platforms of the Lazarus Group lags behind 2017, when the group infiltrated four South Korean exchanges and stole bitcoins worth $ 200 million. As law enforcement agencies and Crypto tracking firms have worked to detect stolen assets, industry experts warned that massive theft is a fundamental risk.
“The more difficult we benefit from crimes in this way, the less they will be repeatedly,” eggs Robinson Written in a post,
Correction: There was a wrong fact about a former hack in a pre -version of this story.
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