Oluwapelumi Adejumo@CryptoSlate
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Cryptocurrency exchange Bybit has confirmed a record-breaking theft of approximately $1.46 billion in digital assets from one of its offline Ethereum wallets. The attack, which occurred on Friday, is believed to be the largest crypto heist on record. Bybit disclosed that a highly sophisticated attack resulted in the theft of more than Rs 11,972 crores in digital assets.
The theft targeted an Ethereum cold wallet, involving a manipulation of a transaction from the cold wallet to a warm wallet. This allowed the attacker to gain control and transfer the funds to an unidentified address. The incident highlights the rising trend of cryptocurrency heists, driven by the allure of profits and challenges in tracing such crimes.
Recommended read:
References :
- www.techmeme.com: ZachXBT: crypto exchange Bybit has experienced $1.46B worth of "suspicious outflows"; Bybit CEO confirms hacker took control of cold ETH wallet
- CryptoSlate: The crypto exchange ByBit has been hacked, and roughly $1.5 billion in Ethereum (ETH) has been stolen — making this one of the biggest hacks in history.
- infosec.exchange: NEW: Crypto exchange Bybit said it was hacked and suffered a loss of around $1.4 billion (~401,346 ETH) at the time of the hack.
- PCMag UK security: The Bybit exchange lost 400,000 in ETH, or about $1.4 billion, before the price began to slide, making it the biggest crypto-related hack in history.
- techcrunch.com: TechCrunch reports on the Bybit hack, disclosing a loss of approximately $1.4 billion in Ethereum.
- ciso2ciso.com: In a major cybersecurity incident, Bybit, the world’s 2nd-largest crypto exchange suffered a $1.4 billion ETH hack from a cold wallet breach.
- ciso2ciso.com: Bybit Hack: $1.4B Stolen from World’s 2nd Largest Crypto Exchange – Source:hackread.com
- cryptoslate.com: ByBit suffers $1.5 billion Ethereum heist in cold wallet breach
- www.coindesk.com: Bybit experiences USD1.46B in suspicious outflows
- BleepingComputer: Cryptocurrency exchange Bybit revealed today that an unknown attacker stole over $1.46 billion worth of cryptocurrency from one of its ETH cold wallets.
- The Cryptonomist: 3 Best Bybit Alternatives As Top CEX Is Hacked
- Gulf Business: ‘Worst hack in history’: Dubai crypto exchange Bybit suffers $1.5bn ether heist
- Anonymous ???????? :af:: Cryptocurrency exchange Bybit revealed today that an unknown attacker stole over $1.46 billion worth of cryptocurrency from one of its ETH cold wallets.
- www.bleepingcomputer.com: Hacker steals record $1.46 billion in ETH from Bybit cold wallet
- Techmeme: Bybit Loses $1.5B in Hack but Can Cover Loss, CEO Confirms (Oliver Knight/CoinDesk)
- Report Boom: Report on the Bybit crypto heist, detailing the incident and security recommendations.
- thehackernews.com: Report on the Bybit hack, highlighting the scale of the theft and its implications.
- reportboom.com: Reportboom article about Bybit's $1.46B Crypto Heist.
- www.it-daily.net: Bybit hacked: record theft of 1.5 billion US dollars
- Protos: News about the Bybit cryptocurrency exchange being hacked for over \$1.4 billion.
- The420.in: On Friday, cryptocurrency exchange Bybit disclosed that a highly sophisticated attack resulted in the theft of more than Rs 11,972 crores in digital assets from one of its offline Ethereum wallets—the largest crypto heist on record.
- TechSpot: The hackers stole the crypto from Bybit's cold wallet, an offline storage system.
- Talkback Resources: Crypto exchange Bybit was targeted in a $1.46 billion theft by the Lazarus Group, highlighting the rising trend of cryptocurrency heists driven by the allure of profits and challenges in tracing such crimes.
- www.bleepingcomputer.com: Cryptocurrency exchange Bybit revealed today that an unknown attacker stole over $1.46 billion worth of cryptocurrency from one of its ETH cold wallets.
- www.the420.in: The420.in: Biggest Crypto Heist Ever: Bybit Loses Rs 12,000+ Crore in Sophisticated Ethereum Wallet Attack!
- www.cnbc.com: This report discusses the Bybit hack, detailing the amount stolen and the potential impact on the crypto market.
- www.engadget.com: This news piece reports on the massive crypto heist from Bybit, highlighting the scale of the incident and the impact on the crypto market.
- Techmeme: Arkham says ZachXBT submitted proof that North Korea's Lazarus Group is behind Bybit's $1.5B hack, which is the largest single theft in crypto history
- BrianKrebs: Infosec exchange post describing Bybit breach.
- Talkback Resources: Bybit cryptocurrency exchange suffered a cyberattack resulting in the theft of $1.5 billion worth of digital currency, including over 400,000 ETH and stETH, with potential vulnerabilities in the Safe.global platform's user interface exploited.
- securityaffairs.com: SecurityAffairs reports Lazarus APT stole $1.5B from Bybit, it is the largest cryptocurrency heist ever.
- gulfbusiness.com: ‘Worst hack in history’: Dubai crypto exchange Bybit suffers $1.5bn ether heist
- techcrunch.com: Crypto exchange Bybit says it was hacked and lost around $1.4B
- Tekedia: The cryptocurrency industry has been rocked by what is now considered the largest digital asset theft in history, as Bybit, a leading crypto exchange, confirmed on Friday that hackers stole approximately $1.4 billion worth of Ethereum (ETH) from one of its offline wallets.
- blog.checkpoint.com: What the Bybit Hack Means for Crypto Security and the Future of Multisig Protection
- Dan Goodin: Crypto exchange Bybit said it was hacked and suffered a loss of around $1.4 billion (~401,346 ETH) at the time of the hack.
- BleepingComputer: Crypto exchange Bybit revealed today that an unknown attacker stole over $1.46 billion worth of cryptocurrency from one of its ETH cold wallets.
- Security Boulevard: North Korea’s Lazarus Group Hacks Bybit, Steals $1.5 Billion in Crypto
- bsky.app: Elliptic is following the money on this ByBit hack - the biggest theft ot all time. “Within 2 hours of the theft, the stolen funds were sent to 50 different wallets, each holding approximately 10,000 ETH. These are now being systematically emptied�.
- Talkback Resources: Talkback Post about the $1.5B Bybit Hack: The Era of Operational Security Failures Has Arrived
- infosec.exchange: Reports that North Korean hackers stole $1.4 billion in crypto from Bybit.
- securityboulevard.com: North Korea's notorious Lazarus Group reportedly stole $1.5 billion in cryptocurrency from the Bybit exchange in what is being called the largest hack in the controversial market's history.
- billatnapier.medium.com: One of the Largest Hacks Ever? But Will The Hackers Be Able To Launder The Gains?
- thecyberexpress.com: thecyberexpress.com - Details on Bybit Cyberattack.
- Matthew Rosenquist: This may turn out to be the biggest hack in history! $1.5 BILLION.
- PCMag UK security: The $1.4 billion at Bybit—the largest known cryptocurrency heist in history—has been traced to the notorious Lazarus North Korean hacking group.
- www.nbcnews.com: Hackers steal $1.5 billion from exchange Bybit in biggest-ever crypto heist: Blockchain analysis firm Elliptic later linked the attack to North Korea’s Lazarus Group, a state-sponsored hacking collective
- www.pcmag.com: Researchers spot the $1.4 billion stolen from Bybit moving through cryptocurrency wallets that were used in earlier heists attributed to North Korea's Lazarus hacking group.
- siliconangle.com: $1.5B in cryptocurrency stolen from Bybit in attack linked to North Korean hackers
- www.americanbanker.com: Nearly $1.5 billion in tokens lost in Bybit crypto exchange hack
- SiliconANGLE: SiliconAngle reports on the details of the Bybit hack and links it to North Korean hackers.
- techcrunch.com: TechCrunch reports on the massive crypto heist, citing research that points to North Korean hackers as perpetrators.
- OODAloop: Reports that North Korea’s Lazarus Group APT is Behind Largest Crypto Heist Ever
- : Looming Shadows: $1.5 Billion Crypto Heist Shakes Confidence in Security Measures
- Schneier on Security: Schneier on Security covers the North Korean Hackers Stealing $1.5B in Cryptocurrency.
- Dataconomy: How the Bybit hack shook the crypto world: $1.5B gone overnight
- be3.sk: Looming Shadows: $1.5 Billion Crypto Heist Shakes Confidence in Security Measures
- Risky Business Media: Risky Business #781 -- How Bybit oopsied $1.4bn
- cyberriskleaders.com: Bybit, a leading exchange, was hacked for USD1.4 billion in Ethereum and staked Ethereum, sending shockwaves through the digital asset community.
- www.csoonline.com: Independent investigation finds connections to the Lazarus Group.
- Cybercrime Magazine: Bybit suffers the largest crypto hack in history
- www.theguardian.com: Cyberattackers believed to be affiliated with the state-sponsored threat group pulled off the largest crypto heist reported to date, stealing $1.5 billion from exchange Bybit.
- bsky.app: Forensic investigators have discovered that North Korean Lazarus hackers stole $1.5 billion from Bybit after first breaching a Safe{Wallet} developer machine. The multisig wallet platform has also confirmed these findings in a statement issued today.
- Sergiu Gatlan: Forensic investigators have discovered that North Korean Lazarus hackers stole $1.5 billion from Bybit after first breaching a Safe{Wallet} developer machine. The multisig wallet platform has also confirmed these findings in a statement issued today.
- SecureWorld News: SecureWorld reports on the Bybit hack, attributing it to the Lazarus Group.
- OODAloop: The Largest Theft in History – Following the Money Trail from the Bybit Hack
- gbhackers.com: Researchers Uncover $1.4B in Sensitive Data Tied to ByBit Hack by Lazarus Group
- Secure Bulletin: Lazarus group’s Billion-Dollar Bybit heist: a cyber forensics analysis
- Talkback Resources: "
THN Weekly Recap: From $1.5B Crypto Heist to AI Misuse & Apple’s Data Dilemma [mal]
- infosec.exchange: NEW: Hacked crypto exchange Bybit is offering $140 million in bounties to anyone who can help locate and freeze the stolen ethereum.
- CyberInsider: Record $1.5 billion Bybit hack undermines trust in crypto security
- The Register - Security: Cryptocurrency exchange Bybit, just days after suspected North Korean operatives stole $1.5 billion in Ethereum from it, has launched a bounty program to help recover its funds.
- PCMag UK security: The malicious Javascript code used in the attack could secretly modify transactions for Safe{Wallet}, a cryptocurrency wallet provider. The suspected North Korean hackers who $1.4 billion in cryptocurrency from Bybit pulled off the heist by infiltrating a digital wallet provider and tampering with its software.
- techcrunch.com: Last week, hackers stole around $1.4 billion in Ethereum cryptocurrency from crypto exchange Bybit, believed to be the largest crypto heist in history. Now the company is offering a total of $140 million in bounties for anyone who can help trace and freeze the stolen funds. Bybit’s CEO and
- securityaffairs.com: The FBI confirmed that North Korea is responsible for the record-breaking cyber heist at the crypto exchange Bybit.
- The Register - Security: The FBI has officially accused North Korea's Lazarus Group of stealing $1.5 billion in Ethereum from crypto-exchange Bybit earlier this month, and asked for help tracking down the stolen funds.
- techcrunch.com: The FBI has said the North Korean government is “responsible� for the hack at crypto exchange Bybit, which resulted in the theft of more than $1.4 billion in Ethereum cryptocurrency.
- Talkback Resources: FBI Says North Korea Hacked Bybit as Details of $1.5B Heist Emerge [net] [mal]
- PCMag UK security: FBI Blames North Korea for Massive $1.4 Billion Cryptocurrency Heist
- The420.in: Rs 1.27 trillion Stolen: Bybit Joins the Ranks of Crypto’s Largest Thefts – Full List Inside
- Talkback Resources: Bybit Hack Traced to Safe{Wallet} Supply Chain Attack Exploited by North Korean Hackers [mal]
- Tekedia: Bybit Declares War on “Notorious� Lazarus Group After $1.4B Hack, Offers $140m Reward
- SecureWorld News: The FBI officially attributed the massive to North Korea's state-sponsored hacking group, TraderTraitor, more commonly known as the infamous Lazarus Group.
- ChinaTechNews.com: North Korea was behind the theft of approximately $1.5bn in virtual assets from a cryptocurrency exchange, the FBI has said, in what is being described as the biggest heist in history.
- Wallarm: API Armor: How Bybit’s Real-Time Blacklisting Is Thwarting a $1.5B Crypto Heist
Ojukwu Emmanuel@Tekedia
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On February 21, 2025, the cryptocurrency exchange Bybit suffered a massive security breach resulting in the theft of approximately $1.46 billion in crypto assets. Investigations have pointed towards the Lazarus Group, a North Korean state-sponsored hacking collective, as the perpetrators behind the audacious heist. The FBI has officially accused the Lazarus Group of stealing $1.5 billion in Ethereum and has requested assistance in tracking down the stolen funds.
Bybit has declared war on the Lazarus Group following the incident and is offering a $140 million bounty for information leading to the recovery of the stolen cryptocurrency. CEO Ben Zhou has launched Lazarusbounty.com, a bounty site aiming for transparency on the Lazarus Group's money laundering activities. The attack involved exploiting vulnerabilities in a multisig wallet platform, Safe{Wallet}, by compromising a developer’s machine, enabling the transfer of over 400,000 ETH and stETH (worth over $1.5 billion) to an address under their control.
Recommended read:
References :
- The Register - Security: The FBI has officially accused North Korea's Lazarus Group of stealing $1.5 billion in Ethereum from crypto-exchange Bybit earlier this month, and asked for help tracking down the stolen funds.
- Secure Bulletin: The Lazarus Group, a notorious North Korean state-sponsored hacking collective, has once again demonstrated its sophistication and audacity with a staggering $1.5 billion cryptocurrency heist targeting Bybit, a major crypto exchange.
- SecureWorld News: On February 21, 2025, the cryptocurrency world was rocked by the largest crypto heist in history. Dubai-based exchange Bybit was targeted in a malware-driven attack that resulted in the theft of approximately $1.46 billion in crypto assets.
- Tekedia: Bybit, a leading crypto exchange, has declared war on “notorious� Lazarus group, a hacker group made up of an unknown number of individuals, alleged to be run by the government of North Korea. This is coming after the crypto exchange experienced a security breach resulting in the unauthorized transfer of over $1.4 billion in liquid-staked crypto assets.
- ChinaTechNews.com: North Korea was behind the theft of approximately $1.5bn in virtual assets from a cryptocurrency exchange, the FBI has said, in what is being described as the biggest heist in history.
- iHLS: Largest-Ever Crypto Heist steals $1.4 Billion
- techcrunch.com: The FBI said the North Korean government is ‘responsible’ for the hack at crypto exchange Bybit, which resulted in the theft of more than $1.4 billion in Ethereum cryptocurrency.
- PCMag UK security: The FBI is urging the cryptocurrency industry to freeze any transactions tied to the Bybit heist. The FBI has the $1.4 billion cryptocurrency at Bybit to North Korean state-sponsored hackers after security researchers reached the same conclusion.
- Talkback Resources: FBI Says North Korea Hacked Bybit as Details of $1.5B Heist Emerge [net] [mal]
- thehackernews.com: Bybit Hack Traced to Safe{Wallet} Supply Chain Attack Exploited by North Korean Hackers
- PCMag UK security: FBI Blames North Korea for Massive $1.4 Billion Cryptocurrency Heist
- www.pcmag.com: FBI Blames North Korea for Massive $1.4 Billion Cryptocurrency Heist
- SecureWorld News: FBI Attributes Bybit Hack: FBI Attributes to North Korea, Urges Crypto Sector to Act
- Dan Goodin: InfoSec Exchange Post on the FBI attribution to the Lazarus group and Bybit hack
- bsky.app: Forensic investigators have discovered that North Korean Lazarus hackers stole $1.5 billion from Bybit after first breaching a Safe{Wallet} developer machine. The multisig wallet platform has also confirmed these findings in a statement issued today.
- Wallarm: Lab Wallarm discusses how Bybit’s Real-Time Blacklisting Is Thwarting a $1.5B Crypto Heist
- infosec.exchange: NEW: Hacked crypto exchange Bybit is offering $140 million in bounties to anyone who can help locate and freeze the stolen ethereum. Bybit also disclosed preliminary results of investigations, which reveal hackers breached a developer’s device at a wallet platform Safe Wallet.
- securityaffairs.com: FBI: North Korea-linked TraderTraitor is responsible for $1.5 Billion Bybit hack
- Cybercrime Magazine: Bybit Suffers Largest Crypto Hack In History
- www.cnbc.com: Details on the attack in a news article
- The Register - Security: Bybit declares war on North Korea's Lazarus crime-ring to regain $1.5B stolen from wallet
- Sergiu Gatlan: Forensic investigators have discovered that North Korean Lazarus hackers stole $1.5 billion from Bybit after first breaching a Safe{Wallet} developer machine. The multisig wallet platform has also confirmed these findings in a statement issued today.
- gbhackers.com: Researchers Uncover $1.4B in Sensitive Data Tied to ByBit Hack by Lazarus Group
- infosec.exchange: NEW: After security researchers and firms accused North Korea of the massive Bybit hack, the FBI follows suit. North Korean government hackers allegedly stoled more than $1.4 billion in Ethereum from the crypto exchange.
- www.cysecurity.news: Bybit Suffers Historic $1.5 Billion Crypto Hack, Lazarus Group Implicated
- infosec.exchange: Bybit, that major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets stolen, in what’s estimated to be the largest crypto heist in history.
- BleepingComputer: Bybit, a major cryptocurrency exchange, has fallen victim to a massive cyberattack, with approximately $1.5 billion in cryptocurrency stolen. The breach is believed to be the largest single theft in crypto history.
- Taggart :donor:: Cryptocurrency exchange Bybit suffered a massive security breach, resulting in the loss of $1.5 billion in digital assets. The hack compromised the exchange's cold wallet and involved sophisticated techniques to steal the funds.
- www.cysecurity.news: CySecurity News report on the Bybit hack, its implications, and the potential Lazarus Group connection.
- The420.in: The 420 report on Bybit theft
- infosec.exchange: Details of the Bybit hack and Lazarus Group's involvement.
- Talkback Resources: Bybit Hack Traced to Safe{Wallet} Supply Chain Attack Exploited by North Korean Hackers
- securityaffairs.com: The FBI confirmed that North Korea is responsible for the record-breaking cyber heist at the crypto exchange Bybit.
- Zack Whittaker: Grab some coffee — your weekly ~ this week in security ~ is out: • North Korea's record-breaking $1.4B crypto heist
- infosec.exchange: Infosec Exchange post about Bybit crypto heist.
- The Record: Experts from multiple blockchain security companies said that North Korean hackers were able to move all of the ETH coins stolen from Bybit to new addresses — the first step taken before the funds can be laundered further
- infosec.exchange: The (allegedly North Korean) hackers behind the Bybit crypto heist have already laundered all the stolen Ethereum, which was worth $1.4 billion.
- Metacurity: Lazarus Group hackers have laundered 100% of the $1.4 billion they stole from Bybit
Oluwapelumi Adejumo@CryptoSlate
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The FBI has officially attributed the massive $1.4 billion Ethereum theft from the Bybit crypto exchange to the North Korean Lazarus Group. This determination follows accusations from security researchers and firms, solidifying suspicions surrounding the notorious state-sponsored hacking collective. The incident is considered the largest crypto theft in history, underscoring the increasing sophistication of cyber threats targeting digital assets.
The Lazarus Group's attack involved compromising a developer's machine associated with Safe Wallet, a multisig wallet platform. By injecting malicious code into a JavaScript file, the attackers manipulated a planned transfer of funds from Bybit's cold wallet to its hot wallet. This allowed them to redirect over 400,000 ETH and stETH, worth approximately $1.5 billion, to an address under their control. The attack exploited vulnerabilities in Bybit's cold wallet management and multi-signature approval systems, highlighting the need for robust cybersecurity measures within the digital asset space.
Recommended read:
References :
- blog.checkpoint.com: Check Point Research Explains What the Bybit Hack Means.
- securityaffairs.com: Lazarus APT stole $1.5B from Bybit, it is the largest cryptocurrency heist ever
- www.the420.in: Largest cryptocurrency heist ever: Bybit Loses Rs 12,000+ Crore.
- Talkback Resources: Bybit Confirms Record-Breaking $1.46 Billion Crypto Heist in Sophisticated Cold Wallet Attack
- The420.in: On Friday, cryptocurrency exchange Bybit disclosed that a highly sophisticated attack resulted in the theft of more than Rs 11,972 crores in digital assets from one of its offline Ethereum wallets—the largest crypto heist on record.
- Check Point Blog: Executive Summary: In one of the largest thefts in digital asset history, hackers gained access to an offline Ethereum wallet and stole $1.5 billion worth of digital assets, primarily consisting of Ethereum tokens.
- BleepingComputer: Cryptocurrency exchange Bybit revealed today that an unknown attacker stole over $1.46 billion worth of cryptocurrency from one of its ETH cold wallets.
- billatnapier.medium.com: One of the Largest Hacks Ever? But Will The Hackers Be Able To Launder The Gains?
- thecyberexpress.com: Bybit ETH Cold Wallet Compromised in Complex Cyberattack, Platform Secures Funds
- PCMag UK security: $1.4 Billion Bybit Crypto Heist Tied to North Korean Hackers
- Cybercrime Magazine: Cybersecurity wake-up call for cryptocurrency exchanges
- infosec.exchange: NEW: After security researchers and firms accused North Korea of the massive Bybit hack, the FBI follows suit. North Korean government hackers allegedly stoled more than $1.4 billion in Ethereum from the crypto exchange.
- Secure Bulletin: Lazarus group’s Billion-Dollar Bybit heist: a cyber forensics analysis
- SecureWorld News: Bybit Hack: $1.46 Billion Crypto Heist Points to North Korea's Lazarus Group
- The Register - Security: The Register reports FBI officially fingers North Korea for $1.5B Bybit crypto-burglary.
- infosec.exchange: Hacked crypto exchange Bybit is offering $140 million in bounties to anyone who can help locate and freeze the stolen ethereum. Bybit also disclosed preliminary results of investigations, which reveal hackers breached a developer’s device at a wallet platform Safe Wallet.
- Sergiu Gatlan: Forensic investigators have discovered that North Korean Lazarus hackers stole $1.5 billion from Bybit after first breaching a Safe{Wallet} developer machine. The multisig wallet platform has also confirmed these findings in a statement issued today.
- securityaffairs.com: The FBI confirmed that North Korea is responsible for the record-breaking cyber heist at the crypto exchange Bybit.
- PCMag UK security: The FBI is urging the cryptocurrency industry to freeze any transactions tied to the Bybit heist.
- SecureWorld News: The U.S. Federal Bureau of Investigation (FBI) officially attributed the massive to North Korea's state-sponsored hacking group, TraderTraitor, more commonly known as the infamous Lazarus Group.
- infosec.exchange: Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets stolen, in what’s estimated to be the largest crypto heist in history.
- Talkback Resources: FBI Says North Korea Hacked Bybit as Details of $1.5B Heist Emerge [net] [mal]
- iHLS: Largest-Ever Crypto Heist steals $1.4 Billion
- www.cysecurity.news: CySecurity News report on Bybit's $1.5 billion crypto hack.
- Wallarm: API Armor: How Bybit’s Real-Time Blacklisting Is Thwarting a $1.5B Crypto Heist
- www.cysecurity.news: CySecurity News article on the Bybit hack and Lazarus Group involvement.
- Zack Whittaker: Grab some coffee — your weekly ~ this week in security ~ is out: • North Korea's record-breaking $1.4B crypto heist
- Malware ? Graham Cluley: In episode 406 of the "Smashing Security" podcast, we explore how the cryptocurrency exchange Bybit has been hacked to the jaw-dropping tune of $1.5 billion
@hackread.com
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The U.S. Department of Justice has charged Andean Medjedovic, a 22-year-old Canadian national, with stealing approximately $65 million in cryptocurrency. Medjedovic allegedly exploited vulnerabilities in the automated smart contracts used by the KyberSwap and Indexed Finance decentralized finance protocols. He reportedly withdrew millions of dollars of investor funds from the protocols at artificial prices, rendering the victims’ investments essentially worthless.
Medjedovic is also accused of laundering the proceeds of his fraudulent schemes through a series of transactions designed to conceal the source and ownership of the funds, including through swap transactions, bridging transactions, and the use of a digital assets mixer. The indictment also alleges that he attempted to extort the victims of the KyberSwap exploit. Medjedovic faces charges including wire fraud, unauthorized damage to a protected computer, attempted Hobbs Act extortion, money laundering conspiracy, and money laundering. If convicted, he faces a maximum of 10 years in prison on the unauthorized damage charge and 20 years on each of the other counts.
Recommended read:
References :
- BleepingComputer: The U.S. Justice Department has charged a Canadian man with stealing roughly $65 million after exploiting two decentralized finance (DeFI) protocols.
- securityonline.info: Canadian Hacker Indicted for $65 Million DeFi Exploit
- Cyber Security News: Cybersecurity News article about the Canadian national charged with stealing $65 million in crypto.
- securityonline.info: Details about the criminal indictment.
- www.justice.gov: U.S. Department of Justice : 22 year old Canadian national Andean Medjedovic was charged with exploiting vulnerabilities in the automated smart contracts used by the KyberSwap and Indexed Finance decentralized finance protocols to withdraw approximately $65 million from investor funds. Medjedovic also allegedly laundered the proceeds of his fraudulent schemes through a series of transactions designed to conceal the source and ownership of the funds, using bridging transactions and crypto mixers. The indictment cites: Wire fraud, unauthorized damage to a protected computer, attempted Hobbs Act extortion, money laundering conspiracy, and money laundering.
- DataBreaches.Net: Canadian man charged in $65 million cryptocurrency hacking schemes
- www.bleepingcomputer.com: Report on the exploit of KyberSwap and Indexed Finance.
- www.justice.gov: Original DOJ report about the incident.
- CryptoSlate: KyberSwap exploiter gets five-count criminal indictment after stealing $65M
- cryptoslate.com: KyberSwap exploiter gets five-count criminal indictment after stealing $65M
- Help Net Security: Man charged with stealing $65 million by exploting DeFI protocols vulnerabilities
- www.helpnetsecurity.com: Man charged with stealing $65 million by exploting DeFI protocols vulnerabilities
- hackread.com: News report on the alleged DeFi hack.
Ojukwu Emmanuel@Tekedia
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The Bybit cryptocurrency exchange has reportedly suffered a massive security breach, with hackers allegedly linked to North Korea making off with $1.4 billion in Ethereum. This incident is being called potentially the largest crypto theft in history. Experts from multiple blockchain security companies have confirmed that the stolen Ethereum has already been moved to new addresses, marking the initial phase of money laundering.
Ari Redbord, a former federal prosecutor and senior Treasury official, highlighted the "unprecedented level of operational efficiency" displayed by the hackers in rapidly laundering the stolen funds. He suggested that North Korea might have expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to process illicit funds. The FBI has also linked North Korea-linked TraderTraitor as responsible for the $1.5 Billion Bybit hack
Recommended read:
References :
- Sergiu Gatlan: Forensic investigators have discovered that North Korean Lazarus hackers stole $1.5 billion from Bybit after first breaching a Safe{Wallet} developer machine.
- Secure Bulletin: The Lazarus Group, a notorious North Korean state-sponsored hacking collective, has once again demonstrated its sophistication and audacity with a staggering $1.5 billion cryptocurrency heist targeting Bybit, a major crypto exchange.
- securityaffairs.com: The FBI confirmed that North Korea is responsible for the record-breaking cyber heist at the crypto exchange Bybit.
- infosec.exchange: Hacked crypto exchange Bybit is offering $140 million in bounties to anyone who can help locate and freeze the stolen ethereum. Bybit also disclosed preliminary results of investigations, which reveal hackers breached a developer’s device at a wallet platform Safe Wallet.
- SecureWorld News: Bybit Hack: FBI Attributes to North Korea, Urges Crypto Sector to Act
- The Register - Security: FBI officially fingers North Korea for $1.5B Bybit crypto-burglary
- PCMag UK security: FBI Blames North Korea for Massive $1.4 Billion Cryptocurrency Heist
- Zack Whittaker: your weekly ~ this week in security ~ is out: • North Korea's record-breaking $1.4B crypto heist
- www.cysecurity.news: Bybit Suffers Historic $1.5 Billion Crypto Hack, Lazarus Group Implicated
- infosec.exchange: NEW: The (allegedly North Korean) hackers behind the Bybit crypto heist have already laundered all the stolen Ethereum, which was worth $1.4 billion. Ari Redbord, former federal prosecutor and senior Treasury official, told me this laundering shows “unprecedented level of operational efficiency,� but there's more steps they need to take to cash out. “This rapid laundering suggests that North Korea has either expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to absorb and process illicit funds,� said Redbord.
- The Record: Experts from multiple blockchain security companies said that North Korean hackers were able to move all of the ETH coins stolen from Bybit to new addresses — the first step taken before the funds can be laundered further
- The Record: A provincial court in Barcelona has ordered that three former senior executives at NSO Group be indicted for their alleged role in a high-profile hacking scandal in which at least 63 Catalan civil society members were targeted with the company’s surveillance technology
- Know Your Adversary: News item discussing the massive Bybit crypto theft, potentially the largest in history.
- Metacurity: Lazarus Group hackers have laundered 100% of the $1.4 billion they stole from Bybit
- The Hacker News: Safe{Wallet} Confirms North Korean TraderTraitor Hackers Stole $1.5 Billion in Bybit Heist
SC Staff@scmagazine.com
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North Korean state-sponsored hackers have been identified as the perpetrators behind cryptocurrency heists totaling over $659 million in 2024. A joint statement from the United States, Japan, and South Korea warns the blockchain industry about these escalating cyber threats, which target not only exchanges and custodians but also individuals. The attacks have used increasingly sophisticated methods, including fake job postings to infiltrate companies, allowing threat actors to deploy malware and conduct social engineering attacks, with the Lazarus Group being identified as a key player in these operations.
The cyberattacks resulted in major losses for various cryptocurrency exchanges and platforms, including $308 million from DMM Bitcoin, $50 million each from Upbit and Radiant Capital, and $16.13 million from Rain Management. Additionally, the joint statement confirmed North Korea was responsible for a $235 million attack on WazirX, an Indian cryptocurrency exchange, in July 2024. These operations are believed to be aimed at funding North Korea's weapons programs, highlighting the international financial impact of the nation's cyber activities.
Recommended read:
References :
- techcrunch.com: North Korea stole over $659M in crypto heists during 2024, deployed fake job seekers
- www.scworld.com: North Korean crypto heist toll exceeded $659M in 2024
- cryptobriefing.com: US, Japan, and South Korea warn blockchain industry of North Korea’s ongoing cyber threats
- The Verge: North Korea linked to crypto heists of over $650 million in 2024 alone
- : SecurityScorecard : North Korean state-sponsored APT Lazarus (Group) is targeting software developers looking for freelance Web3 and cryptocurrency work in what SecurityScorecard calls Operation 99.
@Gadgets 360
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The T3 Financial Crime Unit, a collaborative effort between TRON, Tether, and TRM Labs, has successfully frozen over $100 million in USDT linked to illicit activities. Formed in September 2024, the unit has been actively working with global law enforcement agencies to disrupt organized crime networks that exploit blockchain technology. The initiative focuses on analyzing on-chain activity, identifying suspicious patterns, and intercepting illegal transfers associated with a wide range of offenses, including money laundering, investment scams, and terrorism financing. The T3 unit’s efforts highlight the ongoing battle to combat the misuse of cryptocurrencies for unlawful purposes.
The T3 Financial Crime Unit has monitored more than $3 billion in USDT transactions and relies on advanced blockchain forensics, and technology to track illicit flows. The frozen funds have been traced to operations such as "money laundering as a service," and includes connections to North Korean actors. Justin Sun, founder of TRON, emphasized that this milestone sends a clear message to criminals, making them think twice before using TRON for unlawful operations. Paolo Ardoino, CEO of Tether, highlighted the success of private-public coordination, aiming to strengthen security standards across jurisdictions, as the unit expands its operations in the future.
Recommended read:
References :
- CryptoSlate: How Tether, TRON, TRM Labs froze $100 million in stolen digital assets
- Bitcoin News: T3 Financial Crime Unit Marks Enforcement Victory: USDT 100 Million in Criminal Assets Frozen Across Five Continents
- Techmeme: The T3 Financial Crime Unit says it has frozen $100M of USDT used by illicit actors since the unit was formed in September 2024 by Tron, TRM Labs, and Tether (Sam Reynolds/CoinDesk)
- decrypt.co: Tether, Tron and TRM Labs Help Freeze $126 Million in USDT Linked to Crime
- COINOTAG NEWS: Tron’s T3 Unit Targets Financial Crimes by Freezing $100 Million in USDT Linked to Illicit Activities
- www.coindesk.com: The T3 Financial Crime Unit says it has frozen $100M of USDT used by illicit actors since the unit was formed in September 2024 by Tron, TRM Labs, and Tether (Sam Reynolds/CoinDesk)
- Gadgets 360: Tron, Tether, and TRM Labs Unite via Financial Crime Unit T3, Freeze $126 Million in Illicit Funds
Lawrence Abrams@BleepingComputer
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A large-scale Coinbase phishing attack is underway, targeting users with a sophisticated scam disguised as a mandatory wallet migration. The attackers trick recipients into setting up a new wallet using a pre-generated recovery phrase, effectively gaining control of any funds transferred into it. The phishing emails falsely claim that Coinbase is transitioning to self-custodial wallets due to a court order, creating a sense of urgency and legitimacy. This manipulation of emotions and perceived authority is a common tactic in phishing scams.
The emails stand out because they lack traditional phishing links, instead directing users to legitimate Coinbase pages to build trust. The core mechanism involves providing a pre-generated recovery phrase, exploiting the user's potential misunderstanding of recovery phrases. By convincing users to set up their new Coinbase Wallet with this phrase, attackers gain full access to the wallet.
Recommended read:
References :
- The DefendOps Diaries: The Evolving Threat of Phishing Scams: A Case Study on Coinbase Users
- www.bleepingcomputer.com: Coinbase phishing email tricks users with fake wallet migration
- The420.in: Coinbase Users Targeted in Sophisticated Phishing Scam Posing as Wallet Migration
CISO2CISO Editor 2@ciso2ciso.com
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In 2024, nearly $500 million in cryptocurrency was stolen through wallet drainer malware, impacting over 332,000 victims. These malicious attacks trick users into signing fraudulent transactions, allowing the attackers to transfer assets out of their wallets. The scale of these attacks highlights a significant increase in the sophistication of cryptocurrency-related cybercrime, with $494 million being lost to these scams in the past year alone. The use of wallet drainers poses a substantial threat to cryptocurrency users.
Scam Sniffer reported a 67% year-over-year increase in stolen funds, despite only a 3.7% increase in affected addresses. The first quarter of 2024 saw the highest activity with 175,000 victims and $187.2 million in losses. While attacks were more frequent early in the year, the largest individual thefts occurred in August and September. These findings emphasize the need for enhanced security measures, user education on avoiding such scams and being vigilant.
Recommended read:
References :
- ciso2ciso.com: Wallet Drainer Malware Used to Steal $500 Million in Cryptocurrency in 2024 – Source: www.securityweek.com
- BleepingComputer: Scammers stole $494 million worth of cryptocurrency in wallet drainer attacks last year that targeted more than 300,000 wallet addresses.
- www.the420.in: Scammers Steal Rs 4200 Crore in Cryptocurrency Through Wallet Drainer Attacks in 2024!
- ciso2ciso.com: Wallet Drainer Malware Used to Steal $500 Million in Cryptocurrency in 2024
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