■ Case Overview
The recent hacking incident at cryptocurrency exchange Bybit has sent shockwaves through the industry. Approximately $1.46 billion (approximately 2.1 trillion KRW) worth of cryptocurrency was stolen in this hack, making it the largest such incident in cryptocurrency history.

■ Stolen Amount and Hacking Process

1. Target and Scale of Theft

• Bybit is one of the world's largest cryptocurrency exchanges, holding approximately $16.2 billion in assets before the hack.
• The stolen assets consisted primarily of Ethereum and its derivatives, accounting for approximately 9% of its total assets.

2. Hacking Route and Movement of Funds

• According to Bybit CEO Ben Zhou, the hackers accessed one of the exchange's offline Ethereum wallets and stole the funds.
• The stolen coins were initially transferred to a single wallet, then further distributed to over 40 wallets. Ethereum derivatives were also dispersed across multiple additional wallets.

■ Background of the Hack and Related Hacker Group

1. North Korean Hacking Group 'Lazarus'

• Blockchain data tracking platforms and security firms have revealed evidence implicating North Korea's Lazarus Group in the hack.
• North Korean hackers have been involved in numerous previous hacking incidents, including WazirX ($234.9 million) and Radiant Capital ($50 million). These hacker groups are suspected of cashing out stolen cryptocurrencies to fund national objectives, such as nuclear weapons development.

2. International Tracking and Response

• The US, South Korea, and Japan officially designated a $660 million cryptocurrency theft incident last year as the work of North Korean hackers.
• The National Investigation Headquarters of the Korean National Police Agency also confirmed the involvement of North Korean hacker groups, including the Lazarus Group, in a previous Upbit Ethereum theft incident.

■ Comparison with Similar Cases

• The 2014 Mt. Gox incident resulted in the theft of approximately $470 million, and the 2021 Poly Network hack saw $611 million in cryptocurrency stolen.
• The Bybit hacking incident surpasses both in scale, highlighting the need for global cryptocurrency exchanges to strengthen their security measures.

■ Impact and Future Outlook

1. Exchange Credibility Issues

• Major exchanges worldwide are re-examining their offline wallet security and asset management systems in the wake of this incident.
• Enhanced technological improvements for user asset security, along with increased cooperation with relevant authorities, are anticipated.

2. Instability in the Cryptocurrency Market

• The hacking incident may amplify market anxieties in the short term, but it could lead to advancements in security technology and increased user awareness in the long term.
• Investors need to carefully examine security policies and management systems when selecting exchanges.

■ Summary and Conclusion

• The Bybit hacking incident serves as a major wake-up call for the entire cryptocurrency market, going beyond a simple cybercrime.
• As the Lazarus Group, a North Korean hacker group, is implicated, the international community and financial markets need to accelerate efforts to enhance security and establish cooperative systems.
• Cryptocurrency exchanges must implement more robust security systems to protect user assets, alongside technological improvements.

This incident underscores the need for everyone to assess security risks and choose trustworthy exchanges before investing.

*Source URL:
https://www.thepublic.kr/news/articleView.html?idxno=251652&utm_source=perplexity