A cybersecurity firm has alleged that North Korean hackers orchestrated a sophisticated cyberattack, stealing approximately $1.5 billion in digital assets from Bybit, a major cryptocurrency exchange.
Dubai-based Bybit confirmed the breach, calling it the largest crypto heist to date. The exchange reported that hackers infiltrated its systems and siphoned off the assets, raising serious concerns about the security of digital currency platforms.
TRM Labs’ Allegations and Tracking Efforts
Blockchain intelligence firm TRM Labs claimed with “high confidence” that North Korean-linked hackers were behind the attack, citing substantial overlaps between the hackers’ wallets and those previously linked to North Korean cyber heists. However, TRM did not provide direct evidence, basing its conclusions on transaction pattern analysis.
The firm stated it had tracked, in real-time, the movement of the stolen Ethereum tokens worth $1.5 billion. The FBI has not yet commented on the allegations, and no independent law enforcement verification has been made.
North Korea’s Alleged Crypto Heists
North Korea has been frequently accused of high-value cryptocurrency thefts. In December 2023, U.S. and Japanese authorities, including the FBI and Japan’s National Police Agency, blamed North Korean state-sponsored hackers for stealing $308 million from a Japanese crypto firm. Pyongyang has consistently denied involvement in cybercrime.
Bybit’s Response
Bybit revealed that the breach occurred during a routine Ethereum wallet transfer when an attacker manipulated the process to divert funds to an unknown address. The exchange assured customers that their personal holdings remained unaffected, but the incident triggered a surge in withdrawal requests, causing transaction delays.
Bybit CEO Ben Zhou addressed concerns on social media, emphasizing that the company remains financially stable even if the stolen funds are not recovered.
