North Korean Hackers Cash Out $300M from $1.5B ByBit Heist
- Fahad Bin Khalid
- March 10, 2025
- 6:08 pm
- 161
- Technology
A Massive Crypto Theft Shakes the Industry
The North Korean crypto heist has shocked the financial world. Hackers linked to North Korea have cashed out $300 million from ByBit’s record-breaking $1.5 billion crypto theft. The group, known as Lazarus, stole a massive amount of digital tokens in a recent attack on the exchange.
How the Hack Happened
The attackers altered a wallet address during a transfer, stealing 401,000 Ethereum coins. ByBit planned to move funds into its digital wallet, but the hackers secretly redirected the transfer.
ByBit quickly responded, assuring customers that their funds were safe. The company used investor loans to cover the losses and continue operations.
A Race Against Time
Experts say the hackers work nearly 24 hours a day to move the stolen funds. Dr. Tom Robinson, co-founder of Elliptic, explained the urgency.
“Every minute matters for the hackers. They are extremely skilled in hiding the money trail.”
Reports suggest they work in shifts using automated tools and years of experience. The goal is to launder the stolen assets before authorities trace them.
20% of Stolen Funds Disappear
ByBit and Elliptic’s research show that 20% of the stolen crypto has now “gone dark”. This means that a significant amount may never be recovered.
In response, ByBit launched the Lazarus Bounty Program to trace and freeze the stolen assets. So far, the program has helped identify $40 million, and participants have earned over $4 million in rewards.
Money Laundering Through Exchanges
ByBit has accused crypto exchange eXch of helping hackers cash out over $90 million. eXch’s owner, Johann Roberts, admitted that they initially failed to block the transfers. However, he now claims to be cooperating.
Funding Pyongyang’s Military
Cybersecurity expert Dr. Dorit Dor believes North Korea uses cybercrime to fund its military and nuclear programs.
“North Korea has built a successful hacking industry. They don’t care about the negative impact of cybercrime.”
The U.S. government has long accused Lazarus of financing North Korea’s weapons development through hacking. The FBI has listed several Lazarus members on its Cyber Most Wanted list, but arresting them remains difficult.
The Future of Crypto Security
This North Korean crypto heist highlights serious security risks in the digital asset world. Experts warn that crypto exchanges must improve security to prevent future attacks.
ByBit and global agencies continue their investigation, but the full recovery of stolen funds remains uncertain. The fight against crypto crime is far from over.
