North Korean cyber criminals conduct $1.19 billion crypto heist
North Korean cyber criminals are suspected of conducting the 'worst hack in history' by stealing $1.19 billion in cryptocurrency from a Dubai-based exchange. Despite accusations from a blockchain analytics firm, the perpetrators have not been confirmed. The CEO of Bybit assured that the company is solvent and all client assets are backed 1 to 1. The hack caused Ethereum's value to drop by four percent.
Key Points
- Cyber criminals suspected to be North Korean Lazarus Group
- Bybit exchange confirms the record-breaking crypto theft
- CEO assures Bybit's solvency and 1 to 1 asset backing
- Value of Ethereum drops by four percent
- Past major cryptocurrency attacks by North Korea
Pros
- Bybit is solvent and all client assets are backed 1 to 1
- Quick response by Bybit to process all withdrawal requests and report the crime to the police
- Blockchain analytics firms are actively working to identify and demix the implicated addresses
Cons
- Potential loss of $1.19 billion in cryptocurrency
- Negative impact on the value of Ethereum
- Past history of major cryptocurrency attacks by North Korea