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Bybit, a cryptocurrency exchange, suffered a massive loss of $1.5 billion due to North Korean hackers, marking a record-breaking heist. Investigations revealed the breach stemmed from a compromised account on a free digital storage service, highlighting the vulnerabilities even established crypto platforms face. Law enforcement agencies are now engaged in a cat-and-mouse game to recover the stolen cryptocurrency before it is converted into untraceable currency.

This incident underscores the growing threat of sophisticated cyberattacks targeting the cryptocurrency sector. North Korean hackers, specifically the Lazarus Group, are believed to be responsible for the attack. Concerns remain about the security measures implemented by cryptocurrency exchanges and the need for stronger protocols to safeguard user funds from these types of breaches.

ImgSrc: imageio.forbes.

References :

• Thomas Fox-Brewster: Feds Suspect LastPass Hackers Stole $150 Million In Crypto From One Person
• fortune.com: How North Korea cracked Bybit’s crypto safe to steal $1.5 billion in a record heist
• News ? Metro: North Korean hackers cash out £300,000,000 after billion-pound crypto heist

Classification:

• HashTags: #CryptoHack #LastPass #CyberTheft
• Company: Bybit
• Target: CryptoAssets
• Attacker: North Korean Hackers
• Product: CyberSecurity
• Feature: Hack
• Type: Hack
• Severity: Disaster