Last week, a group of North Korea-backed hackers reportedly completed what is considered the largest robbery in history.
According to a report by the Independent, hackers stole about $1.46 billion worth of digital currency from Bybit, one of the world's most popular cryptocurrency exchanges. Within minutes, hackers put money across the internet into anonymous wallets, marking any kind of biggest robbery in history.
Previously, Saddam Hussein stole nearly $1 billion from the Iraqi Central Bank on the eve of the 2003 Iraq War, which was previously considered the largest theft ever. The robbery is worth nearly $500 million.
Since its inception in 2009, the Lazarus Group has been linked to North Korea and is considered a backwardness in the theft, as the group has been mimicking the strategies the group has made in the past.
As one security expert pointed out, Lazarus Group exploits vulnerabilities in the BYBIT security system.
“Security systems are as strong as the weakest link. In the case of Bybit, there is a security vulnerability when the ledger is in use. [a hardware wallet] and security {wallet} [a digital wallet app] Used. independent.
“Hackers may use malware to secretly modify what users see on the secure {Wallet} interface. Users think they are approving normal transactions, when in fact, they are approving another type of manipulated transaction. LEDGER requires users to approve transactions without showing full details (called “blind signatures”). This means that users can't see what they actually approved, which makes it easy for hackers to deceive them.”
While cryptocurrencies use blockchain to provide records of each transaction, hackers use a process called “layering” that quickly shifts funds from wallets to wallets to help hide their transaction records, giving them time to clear assets before they capture them.
Blockchain analytics firm Elliptic in one, “North Korea’s Lazarus Group is the most complex and resource-rich cryptocurrency money launderer in existence, constantly adjusting its technology to evade the identification and confiscation of stolen assets.” Blog Posts. “The transparency of blockchain means that this transaction trajectory can be followed, but these hierarchical strategies can complicate the tracking process, buying valuable time for money launderers to cash in on assets.”
Although some assets have been seized, the massive scale of theft makes it difficult for the authorities to transfer all the stolen assets locally.
