North Korean Hackers Cash Out $300M from Historic ByBit Crypto Heist

North Korean hackers, reportedly part of the infamous Lazarus Group, have successfully withdrawn around $300 million following a record $1.5 billion cryptocurrency heist targeting the exchange ByBit, as reported by the BBC. This breach, which occurred about two weeks ago, has triggered a determined pursuit to track and prevent the hackers from converting the stolen funds into cash.

Experts believe these hackers work relentlessly, potentially channeling the proceeds to fund North Korea’s military programs. Dr. Tom Robinson, co-founder of crypto analytics firm Elliptic, highlighted their sophisticated laundering techniques, suggesting the involvement of specialized teams.

ByBit revealed that nearly 20% of the stolen assets have vanished without a trace, complicating recovery efforts. The U.S. and allied nations have frequently accused North Korea of using cyberattacks to support its military and nuclear projects.

The security breach was executed when the Lazarus Group compromised one of ByBit’s vendors, diverting a transfer of 401,000 Ethereum coins to their own wallets.

In response, ByBit’s CEO, Ben Zhou, assured customers of the safety of their funds, replenishing the stolen amount with investor loans. The company has also launched the “Lazarus Bounty” program, enlisting public support to track and freeze the stolen assets using blockchain’s transparency.

So far, 20 individuals have been rewarded over $4 million for helping trace $40 million of the stolen funds. However, experts caution that recovering the rest might be challenging due to North Korea’s advanced hacking and laundering capabilities. Dr. Dorit Dor from Check Point emphasized that cybercrime is deeply embedded in North Korea’s closed economy, which shows little concern for international condemnation.