North Korean Hackers - Business Outrank

In the recent trend of North Korean hackers’ cyber attacks, they have grabbed the largest amount of cryptocurrency heist to date, $1.5 billion from the crypto exchange, Bybit. The attack, which has been linked to the Lazarus Group, is significant because it circumvented what was considered a strong security measure, shocking the crypto industry. The cybercriminals attacked Bybit’s cold storage wallets, which were believed to be almost invulnerable to cyberattacks. These wallets are usually kept offline and hold the private keys that are required to make transactions. But the North Korean hackers found a way to exploit a weakness in the multi-signature system, which requires several signatures to authorize the transfer of funds. This was done by taking over an employee’s computer at Bybit’s wallet provider Safe Wallet, from which they introduced the malicious code to the system to request the fake transactions to be processed automatically. The security experts were surprised by the speed of the action. The funds were quickly transferred and mixed on decentralized exchanges, which made it hard to track and retrieve. Bybit had to top up its reserves and take loans to cover the shortfall, and AUM was restored to 77%. Nevertheless, the company has been able to retrieve only 3% of the stolen funds. The Lazarus Group, which is said to be supported by North Korea’s Reconnaissance General Bureau, is reported to have used the stolen cryptocurrencies to finance the country’s nuclear weapons program. It has been reported that North Korean hackers have recently paid their attention to centralized exchanges, having attacked Japan’s DMM Bitcoin and India’s WazirX in 2024. Cybersecurity professionals are concerned that such sophisticated state-sponsored cyber attacks may need new and improved security measures, more cooperation between countries and stricter rules for the crypto market.

What's Hot

SBI vs HDFC: Which Bank Is the Smarter Bet for Investors in 2025?

The country’s largest oil company has made a new plan. Indian Oil has planned to invest Rs 1.66 trillion in 5 years to increase business.

Myntra hiring 11,000 roles ahead of Big Fashion Festival to boost festive operations

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: North Korean Hackers

North Korean Hackers Pull Off Historic $1.5 Billion Crypto Heist

SBI vs HDFC: Which Bank Is the Smarter Bet for Investors in 2025?

The country’s largest oil company has made a new plan. Indian Oil has planned to invest Rs 1.66 trillion in 5 years to increase business.

Myntra hiring 11,000 roles ahead of Big Fashion Festival to boost festive operations

Reliance Intelligence partners Google and Meta to transform AI in India

Our Picks

SBI vs HDFC: Which Bank Is the Smarter Bet for Investors in 2025?

The country’s largest oil company has made a new plan. Indian Oil has planned to invest Rs 1.66 trillion in 5 years to increase business.

Myntra hiring 11,000 roles ahead of Big Fashion Festival to boost festive operations

Most Popular

SBI vs HDFC: Which Bank Is the Smarter Bet for Investors in 2025?

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: North Korean Hackers