Overview

• The FBI has identified North Korea’s Lazarus Group as the perpetrators of a $1.5 billion Ethereum theft from Dubai-based crypto exchange Bybit.
• Hackers exploited malicious code in Bybit’s offline Ethereum wallet on February 21, gaining control and transferring assets to unidentified addresses.
• The stolen funds are being rapidly laundered through thousands of blockchain wallets, with portions converted to Bitcoin and other cryptocurrencies.
• Bybit has launched a bounty program, offering up to 10% of recovered funds to those who can track and freeze the stolen assets.
• The incident has raised concerns about the security of cryptocurrency platforms, with experts warning of vulnerabilities in cold wallet systems.