Jakarta, Pintu News – In a well-planned attack, crypto exchange Bybit recently lost $1.4 billion worth of Ethereum . The criminals have managed to convert most of the stolen assets into Bitcoin , using decentralized protocols such as THORSwap to disguise the origin of the funds.
Suspicion tentatively points to a North Korean hacking group with high expertise in money laundering. Efforts to trace and freeze the stolen funds are ongoing, with Bybit offering a reward for anyone who can help with asset recovery.
After gaining control of the funds from Bybit, the hackers used a series of tactics to divert their digital footprint. The stolen funds were converted from Ethereum (ETH) to Bitcoin (BTC) through a decentralized exchange, which made tracking by authorities difficult. This process not only demonstrated their expertise in blockchain technology, but also ingenuity in avoiding detection.
Cybersecurity experts have observed this activity and noted that this level of operation efficiency is rarely seen. The hackers’ use of Bitcoin (BTC) mixers aims to further complicate the tracking process. The mixer disrupts the transaction trail by combining stolen funds with other funds, thus confusing the origin of the assets.
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Further analysis revealed that the techniques and methods used in this theft were similar to those used by hackers from North Korea. This group is known for their high cyber capabilities and often engages in crypto theft to fund state programs.
Their expertise in crypto-money laundering has become increasingly sophisticated, demonstrating increased capabilities and resources. Authorities and cybersecurity analysts continue to work together to uncover more evidence that could link this group to the attack on Bybit. Despite the difficulties faced, international cooperation and information exchange are expected to open up new opportunities in pursuing the perpetrators.
Bybit, in a bid to mitigate the impact of this theft, has set a reward for anyone who can provide information that aids in asset recovery. This initiative demonstrates their commitment to addressing security concerns and increasing user confidence.
Despite the challenges, there is hope that some of the lost funds can be recovered through cooperation with various crypto exchanges. The use of blockchain technology itself has two sides; on the one hand it provides security and transparency, but on the other hand, it can also be utilized by criminals to hide their tracks. This incident serves as an important reminder for the entire industry to continuously improve their security and protocols in the face of evolving threats.
The massive theft at Bybit serves as a valuable lesson on the importance of cybersecurity in the crypto industry. While this theft showed the vulnerability of the system, the quick response and recovery efforts showed resilience and dedication to protecting user assets. Going forward, increased security and international cooperation will be key in preventing similar incidents.
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$1.4 Billion Crypto Theft Scandal: The Missing Digital Footprint – Pintu
