FBI confirms North Korea's role in ByBit Hack

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     The FBI has accused North Korea of being responsible for the Bybit crypto hack. The FBI has also suggested that transactions with their addresses be blocked in order to prevent stolen assets from spreading across multiple blockchain addresses. Cryptoverse had no doubt previously blamed the North Korean Lazarus Group for the Bybit crypto breach. The hackers made tracing the stolen ETH more difficult by dividing it into over 50 wallets across multiple blockchains.  

The Mastermind

     Hacker Park Jin Hyok may be considered the best hacker in the world; he is creating a lot of havoc in the cyberworld. The mastermind behind North Korea's Lazarus Group and the WannaCry ransomware, Park Jin Hyok, has been on the FBI's wanted list since 2018. Recently, Hyok has also busted the myth of cold wallets being safe by hacking Bybit's cold wallet via cloning its signing interface.  

ByBit may never recover

     ByBit hack is a massive strike on the cryptoverse; it has practically bankrupted Bybit, which is now a platform that pays interest to whale investors and lenders. Time will tell how long Bybit will continue to lend, and how long investors and lenders will refrain from demanding their principal back.

Originally published at Wubits