North Korean Hackers Cash Out Hundreds of Millions From $1.5bn ByBit Hack
Hackers have successfully laundered at least $300m of their record-breaking $1.5bn crypto heist, leaving only unrecoverable funds in the process. The infamous Lazarus Group, thought to be working for the North Korean regime, is believed to be working nearly 24 hours a day to confuse the money trail and convert the digital tokens into usable cash. ByBit has replenished some of the stolen coins with loans from investors but is waging war on Lazarus.
- The sophisticated methods employed by North Korea's hackers in laundering crypto highlights the need for increased collaboration and cooperation among crypto companies to share information and prevent similar attacks.
- Will governments be able to effectively hold accountable those responsible for such massive cyber attacks, or will the lack of clear jurisdiction and international laws continue to hinder efforts to bring perpetrators to justice?