Keynote
North Korean hackers have adopted a sophisticated social engineering scheme by creating fake interfaces that mimic a secure wallet with a validated URL to manipulate Bybit’s security protocols. Check the missing, its solvency.
The US Federal Bureau of Investigation (FBI) officially confirmed that on February 21, 2025, a hacker belonging to the Democratic Republic (North Korea) coordinated a catastrophic Bibit Hack.
According to the FBI statementknown as “Tradertraitor,” the attack is part of a broader series of cyberattacks related to the North Korean province-sponsored hackers.
All hands point to the North Korean group
The stolen funds were quickly converted to Bitcoin (BTC) and other digital assets. Hackers also used advanced methods to spread stolen funds to thousands of addresses on various blockchain networks. tHe revealed some Ethereum addresses that the FBI currently holds assets stolen in the hack. According to the FBI, these addresses are connected or operated by Traderraitor actors.
The FBI also warns that stolen virtual assets will be converted to Fiat currency. This is because hackers are usually trying to settle profits into a more traditional currency.
Remember also blockchain analytics company Elliptic link Bybit hacking to North Korean hackers.
The analytics company has released a public data feed containing wallet addresses linked to North Korean hackers. Meanwhile, Ben Zhou, co-founder and CEO of Bybit Announced “War” A state-sponsored North Korea hacking group against the Lazarus Group.
Details of Bibit’s Ethereum Cold Wallet Hack
The cryptocurrency exchange was a massive one Security violationlosing about $1.5 billion worth of Ethereum. Stolen funds were taken from cold storage wallets, which are considered to be one of the safest ways to store digital assets.
Blockchain investigator ZachxBT was the first to flag a suspicious leak from Bybit’s wallet. Meanwhile, on-chain data It was revealed A systematic scheme in which females and stestothons are converted to Ethereum via distributed exchanges.
The attackers implemented a very sophisticated scheme by designing an interface that reflects a secure wallet management platform. They replicated the exact address details and verified the URL to deceive Bybit’s security team. The transaction seemed legitimate, and even the team, and even Zhou, urged them to approve fake transactions that change the wallet’s smart contract logic.
Amidst the confusion, Bibit reassured users that the violations were limited to a single cold wallet. Crypto Exchange also said other wallets remain safe. Interestingly, the pull-out functionality across the platform continued to work normally.
Additionally, Bybit CEO has ensured users the solvency of Exchange. He said Bibitt could cover the losses even if the stolen funds were not recovered. True to the guarantee, Bibit secures loans from other exchanges to cover Ethereum’s reserve shortages.
Next
Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who writes about real-life applications of blockchain technology and innovation, promoting general acceptance and global integration of emerging technologies worldwide. His desire to educate people about cryptocurrency inspires his contributions to well-known blockchain media and sites.
God Free Benjamin of x
Marco T. Lanz of X
